Need rehab/construction funding!

[Jamar Brown]

I'm purchasing an inherited home (PA) from a family member with cash, but it needs some work. How should I proceed? Should I not use my cash to purchase the house and use it towards the rehab? I know the house has equity in it, but I'm not sure how much. Please advise. 

Thank you

[Matthew Kwan]

HI Jamar,

You can always open HELOC or line of credit from your primary house or non primary house, assuming you have sufficient equity and income to qualify. You can obtain up to 90% LCTV for your main primary house that you are living or 80-85% for your investment properties. Rates are typically higher than a traditional cash out refinance, however at least you are not getting the full loan amount + you have the flexibility to draw/tap in the money whenever needed.

@Carlos Valencia @Albert Bui