Funding a remodel on the BRRR strategy
Hello, everyone, I'm looking for some advice on funding. I've found myself at a crossroads because I had my mind set on using a HELOC to fund my rehab on my duplex. I live on one side of the duplex and I'm remodeling the other side. I gutted one side prematurely and then I went looking for a HELOC. During this process, I found out that it is very hard to receive a HELOC on a residence that is not livable. Every HELOC I applied for appraised the duplex as if it was one unit because the duplex is under one roof. This is my first rehab and I'm looking to evaluate my options. There is no mortgage on the property. I'm looking to rehab this property refinance and use this as a spring board into buying a multi-unit property. Any advice is greatly appreciated.