Refinance a House in this situation ?

[Ondrej Brown]

Thinking about using HML to purchase this property with tenants inside already. But I want to refinance or use HELCO as soon as possible to get out & pay off that hard money lender without quite doing the rehab or major renovations on the property. Would this make sense and is this move possible ?

[Ryan Husser]

Hi Ondrej! 

I would need a little more details on the property. With the HML is it significantly below market value? If you were to refi or get a HELOC you would need a certain amount of equity in the deal. Without forcing appreciation and fixing it up, the only way to do this would be to originally purchase it significantly under market. Let me know!