Updated over 5 years ago on . Most recent reply
Purchase strategy on SFR
Purchasing home from father-n-law
Purchase price $35,000
Estimated rehab cost - $50k
ARV - $135k
Estimated rent - $1300 month
Seller willing to take $20k at time of purchase and then the remaining $15 in 6 months
Credit - great
Question - I have the cash to buy and rehab the home, would like to hear some different strategies for buying and covering rehab costs based on the assumption that I plan on keeping the house as a rental for cash flow. I'm a new investor. After I purchase the house should I apply for a HELOC to cover the rehab cost? Then after the home is renovated and rented apply for a cash out refinance to get my cash injection out of the home? Any other recommendations that may limit my cash injection into this deal?