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on Monday, May 18th, 2009 at 3:53 pm and is filed under Home Equity Loan Q&A.
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2 Responses to “How Can I Borrow Money To Fix Up A Rental Property That Is Paid For Through My Home Equity Loan?”
You are going to have to make the workmen into “partners”. When the work is done, you will sell the house and pay them 110% of their normal pay. Otherwise, no one is loaning for fixup money..
If you have enough equity in your primary residence to take out a loan (probably a home equity line of credit, or HELOC), you can use that cash for whatever you want. Including fixing up a rental property.
And, remember that those repairs are tax deductible. And, so is the interest on the HELOC.
You are going to have to make the workmen into “partners”. When the work is done, you will sell the house and pay them 110% of their normal pay. Otherwise, no one is loaning for fixup money..
If you have enough equity in your primary residence to take out a loan (probably a home equity line of credit, or HELOC), you can use that cash for whatever you want. Including fixing up a rental property.
And, remember that those repairs are tax deductible. And, so is the interest on the HELOC.