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Updated about 4 years ago,
How can we pull cash out of these properties?
Hey BP community, I have a quick question. I have property that I inherited and currently live in. I just graduated college, and I am in the job search currently. My buddy owns a 4 flex outright. However, he just started his own business a year ago and has been doing that full time.
We want to use Heloc's on our properties and partner on a flip or a BRRRR together, but we are going to have a hard time pulling out Heloc's due to me not having an actual job yet, and him not having two years of income (thats what the bank told him when he tried).
Is there anything that you guys can think of that would allow us to pull cash out? My uncle is very well off, and I thought about presenting to him what we want to do and use our properties as collateral, but because this is our first deal I do not know if he would go for it. Worth a shot maybe though right?