Updated over 9 years ago on . Most recent reply
Help! Investment Dilemma
Back in January of 2015 I left my job to take care of my dad. After his passing, I inherited a townhouse in Brooklyn worth 900k. I currently rent it out and make a very good return on it(I owe 122k). I would like to take equity out and use it to invest in additional property. I went to a mortgage broker who said that due to my also holding a mortgage on my primary residence his underwriter said the following: 1. He had high doubts about an approval because the property hadn't been rented very long, and 2. This property was my only source of income.
I have always believed that your first no should never be the last stop. Wondering if anyone has any advice on banks that would lend in my situation--lending based on the equity in my home alone? Thank you in advance.