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Sure, you could take out a loan against the equity, however, you might put a different hat on here. Why not look at what your house could be beyond a traditional rental property…. and why do you have to buy another home right now? Maybe you WANT to buy a new home, but you don’t have to. It is a choice. Are you worried about capital gains taxes? You only have to be concerned about that IF you sell your house… and then you have time and enough of it to buy another home and make a good choice. So again, do you really need to buy another home?
Would you be open to or would it make sense to use this home that cannot sell right now as a short-term rental? As in vacation property or corporate rental property? Or sober living home or assisted living home or group home of another sort? For any of these options you can earn a fantastic income AND you don’t have to do the management. Not even for the vacation home thing.
How do I know? I have two of them and am looking for a third and forth. As for my primary residence, I won’t be selling. First off, I have just about zero equity because I live in Orange County, Calif. Second, I know I can earn a great income using my home as an assisted living for elders. I am in process of getting the house licensed for such and will make renovations necessary. The cashflow (above the mortgage and utilities and even staffing) is going to be about $7000 a month. So… what can you do with your property beyond selling it or renting it to a single family where you are right… you will make nothing or even be upside down each month?
Hope this helps.
