OfflineAs an investor, is the "proof" of substantial equity in my residence worth anything at all ... or able to be utilized to my advantage?
Or is this equity of no value whatsoever unless it can be "taken out" and spent?
In other words: Is there a creative trick to using my "documented equity" as leverage (in some promissory note kind of capacity, maybe) to invest in real estate, while jobless ... and unable to qualify to withdraw it?
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Well, no responses to my original post here yet. Bummer.
In the meantime --- I have continued to research (determined to find a way) and have heard about the (slim) chance (or fat, depending on how you look at it) of writing a note ... "Creating Paper" ... in the amount of the seller's equity ... secured by a second mortgage on one's own property. It makes sense, if it is possible, that the security of my residence could potentially eliminate a seller's demand for cash. So, I want to CREATE PAPER, if I can.
Although this concept may help some of you (who can qualify for a second mortgage on their homes) to proceed in this particular direction ... I'm still stumped whether it can somehow apply to me, using only my first mortgage.
Does anyone have valuable experience to share with 'Creating Paper'?
I am going to figure it all out, sooner or later, but sooner is better !!!
I have never tried taking a second mortgage out on a property that has equity in it but since you are living in the home you could do that to put down on another property. If you do this remember you could lose you home if things don't go well. I would suggest that you try to find an investor and I happen to know one that may help you. Go to coastal-funding.com and look at their website. You can call them at 800.262.6035 if you have questions. This would be another way of getting started in real estate investing instead of putting your house in danger of being foreclosed on. I hope this helps.
unless its either a grave emergency or its the deal to end all deals
Partner up with some people on here or bring them the deals and get your fee
Too many options on here
This post is titled 'Investor With Untouchable Equity' because it is, indeed, untouchable. I cannot currently qualify for a bank loan to take out a Second on it. The idea to CREATE PAPER ... from what I understand ... is more like a legal Promissory Note secured over a period of time by the equity in my home. (Maybe I misunderstand the concept, however.)
I recognize the wisdom of the comment regarding starting slower "unless it is a grave emergency, or the deal to end all deals". (I hope to nip the emergency in the bud before it lures me to a grave.) I have never missed a mortgage payment, and there is substantial equity in the house, but I have calculated that I can only afford my payments a short while longer. Plus the interest rate will readjust next year. Ouch. I do need a fast-track solution. Meanwhile, I will aim to hook up with others on-site and be a bird dog, too. Woof.
Thanks for both taking the time to respond. I'm grateful.