my wife and I are looking to get started in investment properties this is our situation my wife works part-time as an engineer for Chrysler myself I work has a fishing charter captain and I also own a landscaping business which is part time to bring in more cash all of my wife's Paychex are claimed but both of my businesses are cash hey we don't show that much I have payments on a boat for about 35,000 we tried a big Bank like Bank of America to take out home equity loan but because both of us put both of our names on it they denied us because of our debt to income ratio because of the boat that we own for the fishing charter business. We are now going to try to just have my wife take out a home equity loan to get started in investment properties we have around a hundred twenty thousand in home equity our first question is taking out home equity a good way to get started in investment properties but also if we do take out home equity for a downpayment will we still have issues trying to finance the rest of it with only my wife working part time any opinions would be greatly appreciated thanks
Updated over 2 years ago
My wife and I are looking to get into investment properties, and are trying to learn as much as we can. We are both wondering if it is a wise decision to try to use a home equity loan in order to put down 20% on an investment property. One of the issues we are running into is that both of us work part-time. My wife is an engineer for Chrysler and I own two small businesses. A fishing charter business and a landscaping business. My income is mostly cash recently my wife and I first got denied for a home equity loan because with my fishing charter business I make payments on a $35,000 asset so our debt to income was too high now we are trying to pursue a home equity loan with only using my wife's name. Are concerned though is that if we are approved for a home equity loan to put down 20% do you think we would have an issue getting approved for the remainder 80% through another bank are there other options we can pursue?