Updated almost 5 years ago on . Most recent reply
First House Purchase Financing Questions(Live-In Flip)
I am buying my first property and have enough cash to cover the 20% DP but the property needs some rehab work to increase the value and I am taking a private loan to enable this. Hypothetically let's say I purchase the property for $300k and put my down pmt of $60k. The house is now mine and I begin renovations with the 100k loan. The renovations are complete and the house ARV is now $450k. What should my next step be? Refinance with a cash-out loan to pay back the private loan? I'm fairly new to this so if there are any important details missing I will add them as requested.
* I plan on house hacking this property and using it as a live in flip. I am 22 and have a good network of friends who I wouldn't mind sharing a house with. I am trying to create a spreadsheet of calculations so I can determine which property will be the best investment.