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Creative Real Estate Financing
HomeForumsCreative Real Estate FinancingFinancing an in-law suite?
Ross Bowman's profile image
Ross Bowman's profile image
Ross Bowman
  • Investor
  • from Charleston, SC
  • Member since Feb 21, 2019
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Ross Bowman's profile image
Ross Bowman's profile image
Ross Bowman
  • Investor
  • from Charleston, SC
  • Member since Feb 21, 2019
Connect
Ross Bowman
  • Investor
  • Charleston, SC
126
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112
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Creative Real Estate Financing

Financing an in-law suite?

Ross Bowman
  • Investor
  • Charleston, SC
Posted Apr 8 2021, 05:38

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?

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