All Forum Posts by: Gary Price

Thank you everyone for your responses. You have given me some good information to chew over and leads to follow up with. I really appreciate you taking the time!

Hi,

I currently own my primary residence free and clear. It is worth about $1.6M and located in Southern California. I have been flipping houses for about 4 years but want to remain in this property longer and start a new business. Unfortunately. I'm running low on cash reserves and don't want to tap into my IRA and pay penalties. I have been trying to determine how I can get some cash out of the house seeing as I have 100% equity. I was only thinking of about $200K, 12.5% equity in the house.

The big problem I'm finding is that I have been showing hardly any income for years as I'm semi-retied and have been making money on the house flips and therefore have capital gains but no income. I have a very low rental income per year of about $20K from when I vacation rental my house out in the summer.

Are there any loans out there that are granted purely upon the equity available on the house when the applicant has next to zero regular income?

Many thanks,

Gary.