Okay so here is my situation, I just closed a deal on my second investment property. Both of my properties are paid for and I have my home that I just bought about 7 months ago that me and my family stay in. I have the opportunity to purchase my grandparents home for 30k and the fair market value on it is around 140k. The issue is that I know my bank probably won’t let me keep my current home and purchase my grandparents home do to the whole “DTR”. So my question is would it be smart for me to just try to sell my home and buy there’s then draw out the equity to purchase more property?? And if so what banks do you recommend for equity loans?
Can you get an unsecured loan for $30K? I use Lendingclub.com, and it was pretty easy! If it's worth $140K, and they will gift it to you for $30K, you absolutely 100% need to figure out how to get the cash, also look into credit card balance transfers, and then later get an equity loan and pay them off.
@Millard Wilson , why not just get a line of credit against one of the properties you own that has no debt against it? Then use an LOC advance to purchase your grandparents' home. I'm sure a small local bank could get this done for you without much difficulty.
Thanks for your input! I’m going to talk to my local credit union tomorrow about a unsecured line of credit. Thanks again.
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