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Updated over 8 years ago on . Most recent reply
Attempt at BRRRR with no mortgage on property...
Good afternoon everyone! I am a newbie on BP and wanted to go ahead and pick your brains. Me and a partner purchased a SFH home Dec 31st in the Richmond, Virginia area(I used a LOC and he borrowed from his 401k). We initially planned to flip it but after doing some more research we are leaning towards keeping it and renting it out since that is our ultimate goal. We would like to get a HELOC(or similar), to pay back our original source of funds and also have extra cash to pursue the next deal. What is the best way to do this and does anyone have any recommendations for local lenders in the Richmond/Tri-cities area.
Thanks in advance.
Most Popular Reply
I believe you just go to the bank and apply for a cash out refinance. Did you use a personal loan? Or did you pull from a Credit Card? These can affect your financing options.