Hi. I'm looking at purchasing a property for 65K using HML. This will be my first time and was wondering once I get the loan and get a renter into the home, can I turn around and get a home equity line of credit? How hard is it? What other means would you recommend to get this property. It will rent for approximately $750 a month. Taxes are $880/yr and the only thing I need to do is add a railing to the basement.
Refi Out of the hard money. Don’t use it in the first place if you don’t have to.