Financing an in-law suite?

2 Replies

I have a detached garage that I plan to convert to a small studio, to list on Airbnb. It is legal and within regulations where I live. I could use cash to finance this, but I'd rather use leverage. These are the methods I'm considering:

- 401k loan

- private home improvement loan

I can't use a HELOC because I don't have enough equity in the house itself yet.

Can anyone weigh in on some ways to finance this? Would either of the above methods be good, or is there some other way I haven't considered?

Hey @Ross Bowman another option is a ULOC (unsecured line of credit). I know of four different lender that have these products. Not a bad option for renovations as long as they are not too major.

Hope this helps

Originally posted by @Jason Shackleton :

Hey @Ross Bowman another option is a ULOC (unsecured line of credit). I know of four different lender that have these products. Not a bad option for renovations as long as they are not too major.

Hope this helps

Hey Jason! Would this be the same as a Business Line of Credit?

I was trying to secure one of those, but didn't have any luck since I only have a small few doors so the revenue isn't really significant yet. Or is a ULOC different?