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Updated over 3 years ago on . Most recent reply
HELOC & then Cash Out Refi???
I've been saving cash to start my BRRRR project my Family wants a pool built. Our primary home had accumulated at least $50k of equity in 9 month (From $248k to $307k). My question is, if I tap into my equity through HELOC to build a pool in our backyard ($60k to build), then appraise the house after pool build (approx $400k comps), how soon can I Refinance our house? I want to cash out some equity to begin my first project after the pool project. Any constructive input is appreciated.
Rommel
Most Popular Reply
Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Lender
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Lender
Pro Member
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Rommel R. if I'm tracking this correctly, you are saying that you can build a $60k pool and gain $100k in equity - do I have that right?