All Forum Posts by: Michelle Sharko

 I can pay it back that doesn’t worry me. 
just getting a loan without income is the kicker! 

I'm looking to get a HELOC on my second home which I've only used for a few rentals, it's basically our vacation home.

It’s in a trust there’s no mortgage value $650-$700 wanted to take out $150,000 for renovation and down payment on another rental. 
I’m wondering good idea bad idea? How hard is it for a person with high credit score but no income, retired to get a loan? Have some income coming in but not from a job. 

 Yes we do occupy it mostly in the summer months. We are exploring the idea of renting it. I do have a few rentals already set up for this summer to see how it goes.,Just a little hesitant to use VRBO or Airbnb the % they take is high.  
If we do use as a rental and occupy which loan would we most likely be able to get? 

Wondering any feedback on a condotel? 
price $124k it’s in a resort, highly sought after especially in summer season. Winter is so so. 
it’s a 1 bed 1 bath hotel room garden view 

Just wondering if these are ever profitable? 

Cars are paid off, we got denied for a HELOC, DTI was too high. Husband has been working for over 10 years at the same company. I've been a stay at home mom for 35 years, now stay at home grandma so my daughter can work. Our lake home we have has not been used as rental income per-say, only a few times, but were looking into that now with a management company. Our lake home if we sold right now we probably would get top dollar anywhere between $600-$700k for it, or more, we owe zero balance on it. It's in a very desirable location where demand is very high right now. We don't want to sell its been in family for generations. I really just want to pull some equity out do some updating on it, and put money down on another condo/townhouse most likely Florida or another condo in same subdivision, pay off some debt. Our primary residence we owe maybe $360K worth probably $700-$900. But cant seem to get a bank to loan to us anything without giving blood. Credit scores are good, they are making us jump through hoops.

Looking for a loan where we don't have to wait 4-8 months, every time we turn around they want more from us which drags on. 

Not sure DSCR would work for us since we do not have rental income coming in right now. or stead rental income. Then I was thinking equity line of credit? But no idea. Thank you for any help

I have a vacation home that has no mortgage and we are trying to pull out equity from it to purchase another property to use as a rental and vacation spot.  We only have my husbands income, I'm retired and stay home to take care of my granddaughter.  We cant seem to get a conventional loan on just one income.  Our primary residence along with our vacation home is worth about $1.4 million, have a million in stocks etc.. credit score is 700+  How the heck do we get qualified for a loan?  I know debt to ratio is a little high, but even when credit cards are paid off we still can't seem to get approved..  Any insights or ideas or advice is much appreciated.

Looking at 30a or around there for investment property, wondering about rental market there? Is this a good place for rental Income properties 

I have a vacation home I’m thinking of either doing a 1031 exchange for a slightly bigger unit in sane subdivision or do I take a home equity loan out on my vacation home there’s no mortgage on it to buy a second property? 
newbie! No idea if I would qualify for Home equity loan 57 retired husbands with so do not, so getting a loan has been difficult. 
We have $$$$ in assets and stock market great credit but no one will give us a home equity loan 

Hamp Lee, 

I appreciate the input. I can’t sell the lake house. I’ve been going up there ever since I was little, so it’s something we want to keep for our kids, grandkids. 

@Blake B.

Thank you, I do have a business account set up already. I’m looking all around chicago land, Fontana WI, Lake Geneva and surrounding lakes. Jacksonville FL, I’m contemplating Detroit. I see a lot of push toward Detroit & Indiana. Just a little worried I see a lot of investors holding right now. I’m new and really have to make sure it’s a good deal. Really looking for a house hack for my kids norther suburbs Schaumburg, rolling meadows, Arlington Heights, more northwest than east. The city worries me right now, but if the right deal shows up then I would consider the city. I appreciate all the tips, advice