Question regarding home equity

Asked by Nate125, 48167 Fri Oct 23, 2009

I have home that has been recently fixed up nicely. It is worth (roughly) $40,000 to $55,000 in this market. I collect $800 a month (rental). I trade stocks for a living but other than that and rent I am technically unemployed (or self-employed if you call it that). What are the chances of getting a loan and when and how much and under what terms if I just closed on the house this month?

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Nash Khraishi, Agent, Troy, MI
Fri Oct 23, 2009
Hi Nate,

If you are reporting profits out of your stock trading for the last two years, then I would beleive you may qualify for a loan based on income you are reporting from stock trading. I would advise you to consult with a mortgage banker. If you need a referral to couple of them, feel free to contact me.

Another thing that you may want to consider is selling your current property to buy two others and double your rental income. I work with a number of investors, and would be glad to answer any questions you may have about that.

RE Consultant
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