Here's what I understand from your post :
You want to buy a property and rehab it for 50K all together. You have 15K but trying not to touch it.
Here's a classic way to buy a home (no money down).
Let's say the home sells for 30K, there is 20K worth of rehabs and ARV is 80K.
Find a private lender (family, friends, colleagues, etc). Get a private loan for 50K (30+20).
BUY the home all-cash, REHAB it then RENT IT. After this, it should be worth 80K. Go to a bank and get a traditional loan for 80% of its value through REFINANCING, which is 64K (80% x 80K). Get the 64K, payback the 50K + interest to your lender, keep the difference and then you have a cashflowing property with 16K equity in it that you bought with no money down. How fantastic is that?
I invite you to read this article regarding BRRR (Buy, Rehab, Rent, Refinance)
It sounds downright incredible Kevin! I won't barrage you with questions until I have read the article you have provided, but can I do the same process with my own personal funds; i.e. Buy (my cash), Rehab, Rent, Refinance? I would like to cut out the private lender if possible.
Also, I will have to research this refinancing when there is no mortgage. I have refinanced in the past on a home that I lived in and had a mortgage on, but not when I own a home outright. I honestly did not know that was possible. Maybe my interpretation of refinancing is flawed...
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