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Creative Real Estate Financing

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Steven Dome
  • Philadelphia, PA
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Just starting out (questions about heloc)

Steven Dome
  • Philadelphia, PA
Posted Nov 16 2020, 16:24

Hello BP people,

I have discovered BP about a year ago and sadly I'm just finally making my first post. I am currently in the process of refinancing my home and my appraisal just came in at $62,000 more than I bought it for just a couple years ago. After the refi is complete, I will have $73,000 of equity. So my question is, can I get a HELOC and use that money for the mortgage down payment on a BRRR? And are there lenders that will allow me to build renovation costs into the loan? And once all is done (if what is mentioned is possible) can I then cash out refi on the property to replenish my HELOC? And if so, is there a waiting period from the time of the initial purchase? If anybody has experience with this, any feedback is greatly appreciated! (BTW I live in Philadelphia if that matters)

Best,

Steven Dome

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