Multi Family Rehab

[Patrick Goswitz]

I own a Triplex and was planning to refinance the property after renovations and then rent it. The property does need a significant renovation about 425k worth to redo everything. The property can bring in $6,900/ month according to Small Area Fair Market Rents in this zip code. I can use a HELOC to fund the renovations but that would require me to unload other properties. I was wondering what other options are out there or if using my HELOC would be the best route?

[Cam Schwartz]

Quote from @Patrick Goswitz:

I own a Triplex and was planning to refinance the property after renovations and then rent it. The property does need a significant renovation about 425k worth to redo everything. The property can bring in $6,900/ month according to Small Area Fair Market Rents in this zip code. I can use a HELOC to fund the renovations but that would require me to unload other properties. I was wondering what other options are out there or if using my HELOC would be the best route?

Hey Patrick, why would you need to unload properties to use a HELOC?

One potential avenue is a hard money loan to finance only the rehab as you already own the property. You wouldn't need to sell any properties to secure this funding. Happy to chat through this in detail if interested.