paid from a home equity loan on my current residence?
I already borrowed the money for the rental property from my primary home.
2 Comment(s)
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.
Paul in San Diego | Jul 11, 2009 | Reply
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..
Ed Atun | Jul 11, 2009 | Reply