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Updated over 5 years ago on . Most recent reply

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Claudia Adams
  • Rental Property Investor
  • New Hartford, CT
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5
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Purchasing rental with a HELOC

Claudia Adams
  • Rental Property Investor
  • New Hartford, CT
Posted

There is a house I am looking at that is "cash only" because it is not finished so the banks will not give me a mortgage on it. I could pay for the house with a HELOC but still unclear about how much the rehab would be. If I were to buy it with cash then rehab it and the ARV was more than I put into it what would be my next step? Can I do some type of "cash out" loan to replace the funds back into my HELOC?

My husband and I are brand new to investing so not quite sure about the best financing route. It is across the street from a lake and should be easy to rent out.

Any feedback is welcome. Thank you!

  • Claudia Adams
  • Most Popular Reply

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    Kerry Baird
    • Rental Property Investor
    • Melbourne, FL
    2,648
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    Kerry Baird
    • Rental Property Investor
    • Melbourne, FL
    Replied

    Look at construction financing with a small local community bank.
    Save the HELOC for emergencies rather than charge it up, as it acts like a credit card and can make refinancing difficult when/if debt to income gets too high.

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