I am flipping a house currently that's going to give me a pretty big return. I'll have $300,000 or so that has to get rolled in a 1031. I also have about $100k saved up.
I have to buy investment properties with that $300k, no choice there. But I also do not want to being renting anymore by the end of this year.
The big question is how should I go about leveraging my investment properties (which i will have 100% equity in) so I can get my own place? And how should i use the other money I've saved?
My credit is fine buy my work history is not good right now. I spent the last three years going in and out some pretty severe episodes of MDD so I've been out of commission the whole time. It was bad enough that I had got disability benefits for a while. If I go try to get a conventional loan i'm worried they're just going to laugh me away. I figure leveraging those investment properties with a home equity loan could save me the trouble of getting a conventional loan but I'm not entirely sure how it would work and i'm not sure what the most financially sound way forward is. If those investment properties are in an LLC, how do i take a home equity loan which I then give to myself without causing tax issues?
I am still finding my footing after the last few years and i'm not working yet, but if I need to work for the purposes of making this all work then I could slap myself awake.
I appreciate any and all input!
Submitted July 05, 2021 at 06:38AM by flflife https://ift.tt/3hyHZ9X
