All Forum Posts by: Tashina Taylor

@Courtney Francis we just got it at auction. Should be closing tomorrow.

@Courtney Francis Yes. I have my own house, but we're selling and moving to a place with better job opportunities. Not too much equity to play with either.

@Jaron Walling I was in oil and gas until getting laid off in April. My partner made enough selling her house this year to get into RE. Owned her own business prior, but it was in cannabis so income isn't really seen as valid in our new state of Wyoming. 😒

So we seem to be running into the same road block. We have a house that we bought cash and own outright. We wanted to do a cash out refi, but every bank keeps saying no due to the fact that we don't have any other income. We ask what about when we have it rented? They have consistently said we need two years' rental income history in order for it to qualify as income.

We've tried every single bank in and out of the area with no luck. There are not any HMLs for rural areas that I could find.

Does anyone have any other creative ideas as to what to do?

I had also mentioned earlier that I couldn't get refinanced without previous rental history if you were paying attention :)

I think you should look into the dynamics of a boom and bust town before making the golden goose claim. 

@Jerry Limber

We are still waiting to close. Hopefully by the end of next week.

@Praveen Kumar

Haha I wish! She used equity from selling her house in California. It sounds like a lot, but the house was only 60k and needs minimal work. It's also pay back for letting her live with me rent free ;)

My MIL won a house in an auction, which is cash only (no HML's allowed). We'll be moving into that one since it's owned outright now.

That was my general feeling on the matter as well. Thank you. I needed a voice of reason!