How can I use my assest to invest in more property

Question

Hello I am getting my realestate license in Atlanta , Ga within the next month, however I Inherited two homes that are completley paid off. I would like to use these home to get Liquid cash out of them to Purcahse more property. However I do not qualify becaus eI do not make enough Income at my low paying job, nor do i have 6000 saved up. I talked with quicken loans and they denied me because I do not have enough income to qualify. How can i use my assests to invest in more property to make more money, because now I live paycheck to paycheck.. :Please give me some advice people..

Sade McLean · Answer

I am currently renting the properties now....however since the rental income is not apart of income on my income taxes as of yet I still cant qualify

Jason G. · Answer

@Sade McLean, if you are living paycheck to paycheck why not just rent out the two properties for additional income and wait until you've stabilized your financial situation to where you are no longer living paycheck to paycheck before taking out a mortgage or HELOC on those properties?

Jack Bobeck · Answer

@Sade McLean I am in the process of building a HELOC thread and have posted a number of companies that will or will not offer this for investment properties.

Most of the big companies WILL offer a HELOC on a primary residence, if one of the two homes are primary. If not primary, you can get a non-recourse loan, or apply for one, with a bit higher int rate 6-7% and get a loan on the properties.

Most want to see cash flow on the property. Are you working to get them rented? That would go a long way to satisfy cash flow. There are lenders who will offer you cash against the properties, you just need to find them. Every one of them is different. Just keep asking. Best of luck to you!