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Updated over 2 years ago,

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1,405
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1,317
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Ryan Thomson
Agent
Pro Member
#1 House Hacking Contributor
  • Real Estate Agent
  • Colorado Springs, CO
1,317
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1,405
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HELOC or other sources of cash

Ryan Thomson
Agent
Pro Member
#1 House Hacking Contributor
  • Real Estate Agent
  • Colorado Springs, CO
Posted

I am trying to build up cash for the next deal. Also, as a way to have extra funds should I need them. 

I would like to do a HELOC above 85% on my Primary. It's a duplex.

I tried to apply for a HELOC and the rushed loan provider missed a lot of my income and didn't think I could qualify.

I have the following items to help me qualify:

- A realtor job (1.5 years) that will make me close to 6 figures

- Two rental properties that will make me close to 36k/year (NET)

- My primary home mortgage completely covered by the rental of the downstairs unit. 

What ideas do you have for qualifying for a HELOC? Are there other options you would recommend for getting my hands on some cold hard cash (or credit)?

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House Hack Colorado Springs
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