home equity loans. home equity line of credit.
 

so the house wont ------- sell cause its a dump..

so im trying to convince my parents to put the home in my name so i can take out a 30k dollar home equity loan..

i give them 10k.. and use the other 20k to fix up the house.. and sell it a.s.a.p. for 100k to payback the loan and i get some of the profits..

am i making it sound alot easier than it is? :-\

is it possible to get a 2 month grace period on the loan where i dont have to pay ---- in interest?

basically.. it would take me about a month to finish up the house.. and maybe another month to sell it :P

so its basically a home improvement loan..

so they come out.. appraise the home.. give me my loan.. after i fix everything i get a reappraisal.. and im all set right?

idk :-\

it sounds alot better in my head :P

so basically i need u to chime in if u know anything about home equity loans..

and should i take out a home equity loan.. or a home equity line of credit :-\

Re: home equity loans. home equity line of credit.
 

You can do a lot of things that seem really small to fix up a house to make it sell, only spending a couple thousand. Now of course if the house needs a new roof or something major such as that, its going to cost a lot more.

Things like painting, taking out all the extra furniture/knick nacks, etc. is a big help as well. If your kitchen is dated, you can change out the cabinet doors (a lot cheaper than alll new cabs) and hardware. If a prospective buyer comes and sees that at least the cabinets look good, then they just might want to replace the appliances which isn't a big deal.

Re: home equity loans. home equity line of credit.
 

home needs

new windows/siding all the plaster needs to be stripped off the walls and insulation put up.. and then drywall.. floors are original hardwood will prolly just sand em down and give it a nice stain..

home has the original furnace. but its messed up.. so ill be replacing it with a new one but keeping the steam system..

installing central heating and ac is a pain in the ass in a house like this :-\

we already finished the attic 3 years ago.. the home is huge.. basement.. first floor second floor and attic with a huge backyard..

bleh.. the plaster is REALLY bad.. plus it didnt hold heat for ----.. so thats why its all going to come down and were gonna put up insulation/drywall.

all the old plumping needs to come out and get replaced by copper.. and pvc for the drain..

we had the entire electrical system updated.. so heh..

ive done everything to the home that doesnt require money.. now its all waiting on just cash :-\

since the house wont sell.. i guess a home equity loan would be the next best thing :-\


the homes been empty for a year :'(

Re: home equity loans. home equity line of credit.
 

well, if your gonna physically buy the house, then the bank will apraise it, correct? they might work with you. the only thing to do is to convince your parents and talk to the bank. you might be able to get away with something if you do an online loan thing...but im not sure.

sounds like an easy way to make some money though. my inlaws have done this in the past and made some serious money. they bought the first one to make profit, with the profit, they bought the second house, and so on....

you could accually make a living doing that. then once youve done it a few times you start to own houses, then renting and so forth.

I would say go for it. try to buy it from your parents. and the banks might do a grace period. especially if you close on the loan at the end or beg of a month.

Re: home equity loans. home equity line of credit.
 

right now i just need to know more about the process so i can convince my parents..

my moms ok with it.. but my dad will need some convincing :-\

i want to go into a home equity loan place but i just wanted to know more about it.. and the plans.. before i walked in :P

its very good buisness.. my uncle is on his third house.. and i have a friend thats on his 5th.. but theyve never done a home loan thing.. theyve just always had the money on hand..

im not really buying the house.. im just having it transferred into my name.. so i can do it.. i dont know... ittl be more motivation knowing ur parents arent going to screw u over after u put that kind of effort into something :P

Re: home equity loans. home equity line of credit.
 

what I would do is just go talk to a bank and see what your best bet is. I would physically buy the house IMO

Re: home equity loans. home equity line of credit.
 

there is a huge huge huge tax for buying/selling a house within 2 years i think.. maybe not your state.. but if you transfer it into your name its considered a sale..