Struggling to obtain HELOC

[Donald Anthony]

I am looking to take out a line of credit on a property valued at $140,000. I owe less than $80,000 and should be able to obtain a HELOC for just around $40,000. The issue is that I have been working for a private real estate investor being paid in cash and have no legitimate proof of income. Therefore the bank would not grant me the line of credit as they see no way for me to pay it off despite never missing a payment or having a late payment on the property.

I'm now searching for any and all options to somehow make this loan possible. Any feedback is greatly appreciated!

[Greg Scott]

If you want to be able to tap traditional financing sources on single family properties, you must have provable income. Until you have a couple of years of tax returns showing you paid taxes on that cash income, you are locked out of most typical financing.