Lender · Athens, GA · Member since 2021 · 6 posts · 2 votes
Hey all, I have one rental that I bought as my primary residence back in 2019. I'm kicking myself for not opening up a HELOC before I moved out and made it an investment, but you live and learn.
I'm partnering with my friend who is actually the reason I'm a lender now (he's an agent and we wanted to learn both sides of the business before investing). We have a hard money lender for a flip, but need to front 15% ARV. We could do this in a few months, but we have a deal now. Both of us have one rental with enough equity, just not sure how to take it out without selling. The cash flows on both are phenomenal, especially considering we both have $0 in each deal using the VA loan, so that's not an option for either of us.
Long term we want to raise enough capital to begin to BRRRR using our own money.
Omaha, NE · Member since 2020 · 611 posts · 665 votes
5y
I have a HELOC on my rental. It takes a little hunting, but you should be able to find a bank that would help with this, though you might need to move faster, since the bank would likely want an appraisal, and as you said, you have the deal now.
The next best option is to hunt further for a Hard Money Lender with different terms. I know of at least two in my area that will lend 100% plus the money for rehab. It's expensive, but if you have a deal, well worth it.
I'd say your best luck will be joining a local Facebook Real Estate Investors group and posting a hard money request there. Best of luck!