Home equity: Owners see it as a gold mine
Forget debt consolidation. Never mind the remodel. Some Southern California homeowners, flush with home equity, are using the American Dream to finance the Hollywood one: Make a movie. And much more.
The stack of cash that property holders accumulated during the past few years by virtue of owning in one of the hottest real estate markets in the country is gold to be mined — and many are mining it.
Bob Golub, 48, is a father of three and has been a stand-up comic for the past 26 years. He and his wife, Emilie, bought their West Hollywood home about six years ago for $305,000. The house is now worth close to $1 million.