If I can purchase a home to live in from someone on a land contract with no money down, how hard is it to go to the bank and get a home equity loan on that property? Here is the situation:
Purchase home from parents for $80,000 (to live in)on land contract.
Get loan from bank for $45-50K against the property.
Pay off my car and some credit cards: $25,000 approx
Use rest for money down on some other investment properties.
Payment will now be alot less than my current car and credit card payments.
What do I need to do to accomplish this?
Thanks for any help you can give me!