Just purchase my first property with $5,000 in CASH (DETROIT)
Hello BP Family,
I just recently purchased my first property. It is a distressed HALF Duplex in Detroit, MI (my hometown). It was a cash purchase and I've done some renovations with cash as well. I want to take some of the equity out to finish the renovations and possible purchase the other side which is in foreclosure. I contacted BOA to see about taking out a HELOC or Home equity loan but I was turned down promptly. They said that I would have to live in it for a year before they would consider looking at the value of it. Does anyone have any ideas about how I could get financed for this? I want to buy the other side before anyone else does and rent it out.