Updated about 7 years ago on . Most recent reply
Fundind a secondary home - moving states
Hello BP experts,
I have a cousin who is facing the following situation and I wanted to put this out to the experts and see if folks can shed some light on options available.
Situation
My cousin is moving states and changing employers as well. He has a primary home that he will be renting out. However he is lacking funds to purchase a new home at his new destination. He explored HELOC on his current property, however he was informed by a mortgage broker that it would be hard to get one since it involves employment verification and the lender would know that he plans to rent this primary home out (since employers would give that information out). Apparently heloc on a rental property is very rare. So getting a heloc after his primary home is rented out may not be an option too.
We looked into 401k too, but that's also not working out since he is changing employers.
What are some of the other ways to fund his secondary home? Any thoughts or options are greatly appreciated. Thanks in advance!
Regards,
Soup