What now?

[Thomas Loy]

So, I am at a loss of what my next step should be. I currently own three propertues. One being my personal home, one is the house my wife had bought before I met her (which we now have rented out), and the other is a sfr. I took the equity out of our personal home to purchase the rental. We got it all fixed up and we are making a very good return on it. We're not making hardly any return on the one my wife previously owned. Our newest rental (the one bought with the equity) has no mortgage attached to it. So all that equity is there. I would like to take the equity from that and purchase another one. Problem is, I bought it in my wife's name. She doesn't have the income history the bank is looking for and her debt to income is too high due to using credid for repairs. I have solid job history but my debt to income ratio is even worse than hers since I too used credit through Lowe's for repairs. They also want a crazy amount of cash reserves set aside. What's my next step here? I can elaborate more if you questions. 

Thanks!

[Account Closed]

Be your own bank! You have equity locked up in a house that you can not refi? No problem, make a loan to yourself to be used to make offers on properties

• You can create a note and mortgage on the house with the equity
• You make an offer on a house subject to the seller accepting your newly created note.
• Call a title company, tell them you want to create a note on your property for, say $20,000 at 3 percent amortized for 20 years with payments of X $. (you can dictate your own terms)
• Using this system is almost like owner financing, but you do not have to ask for a loan, you already created one that you can use as you please.
• The other thing you can do is sell your newly created note at a discount to a note buyer for cash.
• Creating notes on equity can really propel your investing career

Charles Parrish