Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 6 years ago on . Most recent reply

User Stats

26
Posts
2
Votes
Oscar Chirinos
  • Investor
  • Crystal Lake, IL
2
Votes |
26
Posts

Heloc, brrr rehab costs, waiting period for refi?

Oscar Chirinos
  • Investor
  • Crystal Lake, IL
Posted

Hello guys quick question, if i use a Heloc to finance the BRRR strategy, is it true some helocs do NOT allow you to use the funds for rehab or closings costs, and if they do allow it, is there a waiting period for refinancing out of the loan to move onto the next one? like 6-8 months? i thought a heloc was treated just like cash, i keep reading mixed replies on the forums, im confused =(

thanks so much all!

Most Popular Reply

User Stats

6,035
Posts
5,082
Votes
John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
5,082
Votes |
6,035
Posts
John Warren
  • Real Estate Broker
  • 3412 S. Harlem Avenue Riverside, IL 60546
Replied

@Oscar Chirinos a HELOC acts just like your checking account. You literally get a check which you can deposit into an account or use to make a purchase. I recently used my HELOC to purchase a six unit deal in Cicero, IL, and it was as easy as having cash in the bank. I am not sure who told you that you can't use them for rehabs or closings??

  • John Warren
  • Loading replies...