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-   -   Loans For Big Projects (e.g. Detached Garage) (http://forum.e46fanatics.com/showthread.php?t=947231)

shwagon 09-27-2012 10:03 AM

Loans For Big Projects (e.g. Detached Garage)
 
What kind of loans have you guys used for larger home projects? Im wanting to build a detached garage, and trying to get some ideas on how to finance it?

RHLP3 09-27-2012 10:15 AM

Haven't done it myself but a Home Equity LOC is about all I can think of.

JonJon 09-27-2012 11:14 AM

Used a HELOC

B_Cyrus 09-27-2012 11:17 AM

save up until you can afford it?

JonJon 09-27-2012 11:20 AM

Quote:

Originally Posted by B_Cyrus (Post 14767453)
save up until you can afford it?

You purchase every single thing in your life in cash? No credit cards, debt, car loans, mortgages, etc?

You are 100% liquid and 0% debt?

Yea..... awesome post:facepalm:

People can "afford" things and not pay in full

B_Cyrus 09-27-2012 11:22 AM

Quote:

Originally Posted by JonJon (Post 14767460)
You purchase every single thing in your life in cash? No credit cards, debt, car loans, mortgages, etc?

You are 100% liquid and 0% debt?

Yea..... awesome post:facepalm:

I've paid for my school in cash/scholarships, paid for all of my cars in cash, this is how my parents do things and how I plan to do things. :dunno:

I don't have everything in the world, and my life is not overly lavish, since I don't buy things off of credit.

JonJon 09-27-2012 12:12 PM

Quote:

Originally Posted by B_Cyrus (Post 14767465)
I've paid for my school in cash/scholarships, paid for all of my cars in cash, this is how my parents do things and how I plan to do things. :dunno:

I don't have everything in the world, and my life is not overly lavish, since I don't buy things off of credit.

No offense, but I call complete BS

shwagon 09-27-2012 12:53 PM

The only debt I have is my house, I doubt I could qualify for a Equity line as I have only lived in it for a year. I may need to do a little more research on HELOC's.

VaderDave 09-27-2012 01:52 PM

Quote:

Originally Posted by shwagon (Post 14767844)
The only debt I have is my house, I doubt I could qualify for a Equity line as I have only lived in it for a year. I may need to do a little more research on HELOC's.

Talk to a mortgage broker (maybe even hit up Griffin on the forum). I wonder if you might be able to swing a loan even if you have only owned the place for a while on the basis that the detached garage would raise the value of the property. :dunno: I'm certainly no expert, though.

Good luck! I'd love to build a second garage/shop on our property.

GRIFFIN 09-27-2012 02:28 PM

You can do a cash out refi and pay for what you need, or a HELOC.

CoconutPete 10-11-2012 02:04 PM

Do it the E46 fanatics way:


Remember:

Nobody on e46 fanatics carry a balance on their credit card
Everyone on e46 fanatics paid for their M3 in cash with money they made from their paper route
Everyone on e46fanatics pays cash for their homes

:hi:


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