My fiancee and I just purchased a duplex in Richmond, VA which we are house hacking with an FHA loan and I'm looking for the next deal.
I have a Condo in Reno, NV owned free and clear worth about $53k (Zillow estimate) that I've had before I met my fiancee and it is in the name of my trust.
My debt to income ratio is too high to qualify for the HELOC alone (all I have is the one mortgage). My banking options are limited to National Banks because I live in Virginia and the condo is in Reno, so I have to be there in person to sign the documents. My national bank turned me down for the HELOC and suggested to put my fiancee on the loan. Problem is, she's not on the condo.
1) Do I switch the condo over to hers and my names and forego the trust protection? As well as let go of my last shred of independence as a free man (kidding!)
2) Can I apply with the some local Nevada banks and sign some sort of Power of Attorney for my sister or somebody along those lines to sign for me? It's kind of an expensive airplane ticket.
3) Other ways to tap equity from the condo?
4)Other options for financing? I just bought Brandon's book on Investing with no or Low Money Down and will listen to the audio book when I get off of work.
Any feedback or advice is appreciated.
I would talk with your favorite Credit Union in your Richmond VA. The HELOC size will fit their guidelines.
@Matthew Maggy , if you or your sister ever need help in Reno, just give me a call. If I cannot help directly I will put you in touch with local experts who will be able to answer all of your questions.
Richmond, VA Credit Unions won't do LOC's on rental properties in another state.It's a conundrum.
I have a similar situation where I own a few props in a separate state from where I reside and a small community banker suggested that I check out micro lenders. I contacted one today and after hearing my situation and taking down some info they would get back to me within 24 hours.
Keep in contact, I'll let you know how it goes...
Microlender? Hmm. Let me know how it goes. Who are you checking out?