Can you do a HELOC on a owner finance?

Creative Real Estate Financing
5yFollow

Can you do a HELOC on a owner finance?

Jacob Fitzgerald
Realtor · Angleton, TX · Member since 2019 · 87 posts · 39 votes

I have an opportunity to purchase a home on Owner finance .

Purchase price:$80k

Arv: $150k

Question with a owner finance could I get a bank loan on credit for repairs?

0Reply
28 views

4 Replies

Jump to latestLatest
  • Kerry BairdPro Member
    Rental Property Investor · Melbourne, FL · Member since 2011 · 3k+ posts · 2k+ votes
    5y

    Sure, if you have enough equity. The owner financing mortgage records in first position and the HELOC records in second position.

    0Reply
  • Jacob Fitzgerald
    OP
    Realtor · Angleton, TX · Member since 2019 · 87 posts · 39 votes
    5y

    @Kerry Baird

    Yea sir there plenty of meat on the bone and I would only pull enough out for repairs to bring it up to market rent. At this point there’s about 20/30k of repairs and upgrades needed .

    $110k all in

    $150k market sales value

    $1400rent value

    0Reply
  • Bud Gaffney
    Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
    5y

    @Jacob Fitzgerald absolutely! I have done it before.

    1Reply
  • Jacob Fitzgerald
    OP
    Realtor · Angleton, TX · Member since 2019 · 87 posts · 39 votes
    5y

    @Bud Gaffney

    Thank you for your reply!

    I bought a lot from a lady and she’s wanting to unload a house too.... trying to figure out if I want to do a dip or a long term... I like the long term thought... just trying to figure it all out!

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free