Major equity tied up in my triplex!

[Clayton Swansen]

Hi everyone! It’s been a long time since I last posted on here… life is a rollercoaster. Since I first got turned onto BP in 2016, I purchased a triplex on northwest Washington State. I house-hacked it, and it has paid off in spades. Since then I’ve gotten married, and found out that my wife has a serious and urgent health issue. My very small business also went under, and I subsequently started a new business as a handyman/general contractor. It’s truly I feel I belong. I love the work, and I love helping people and creating mutually rewarding relationships with clients. We’ve also experienced a worldwide pandemic in case any of you weren’t aware… The results of all of this has left me with some debt, and less than stellar credit which I am working hard to repair as I get back to work again, finally. 

I conservatively have about $300k in equity in my rental property, and I am dying to use it to purchase another property, and perhaps start a BRRR strategy and begin to build our financial power up again. However, not having good enough credit to qualify for a loan or heloc or other product, I don't know what to do, but there must be something! If anyone here has any ideas, I would be ever so grateful. Thank you!

[Bruce Woodruff]

Hang tough....I've been through similar to you and I bet a lot on here have as well..... Your credit will improve over time, (I don't know the exact circumstances) and maybe it's better to wait a year to see where this all sorts out.....? I think we are heading for some strange times.

Having said that, if you gotta buy now, I think your best bet is to find a partner, you provide $$, he has the credit, you have some skills, give him 20%......