$185,000 in equity but access denied
My in laws have a home in Edgewater, FL valued at approx $185,000 with no mortgage(they paid cash 5 years ago). They'd like to leverage the home to help put money in the bank and to help my wife and I find a couple of deals which they know will help them with passive income also. They applied for a HELOC through Wells Fargo but were denied because thier only source of income is social security retirement and a little (about $60,000) in savings. Does anyone know how we can creatively leverage the equity in thier house so we can start a couple BRRRR deals and start income for them as well as my wife and I? Thank you in advance.
Mike
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#1 All Forums Contributor
- Real Estate Consultant
- Summerlin, NV
further more i cant tell you how many foreclsoure houses I bought back in the day were the parents leveraged it and were not qualified to borrow the only qualification was equity.. gave the money to children who then went on to lose it.. so not only did the kids lose money the parents lost the house..
leave the in laws alone they worked hard for this are set with a paid for house and such..
go find a real money partner. is my advice.
- Jay Hinrichs
- Podcast Guest on Show #222
