"Cruze's response was direct. 'Go live on the boat, rent out the unit for $8,000 a month, use that to help cash flow these renovations, and I would just cash flow one at a time.'"
"'Even selling at a steep discount accounts for the gutted condition. Even if you had to drop the price $400,000, that's $1.4 million, you know what I mean?'"
E owns a three-unit property with significant equity but carries $450,000 in debt. Instead of taking a HELOC for renovations, Rachel Cruze suggests he live on his boat and rent out his unit for $8,000 monthly. This rental income can fund renovations without incurring additional debt. Cruze also presents an alternative option of selling the property, even at a discount, which could yield a substantial profit after paying off existing debt.
Read at 24/7 Wall St.
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