Updated almost 3 years ago on . Most recent reply
Heloc STR help
Hey all !
I'm looking to pull 100k equity through a Heloc on (Home A) this money will be a 20% down payment on a STR (Home B). My question is, after closure on (Home B) which suggestions/method would you have for me to quickly pay back the Heloc and restart this process. Thanks in advance !
Most Popular Reply
The only way that works is if you find a property that you paid much less than its actually appraised at or if you add value to the home via a rehab. Then you would do a cash out refi to pay back your initial HELOC. Also make sure there isnt some specific time before you can do a cash out refi from the initial start of your original mortgage or having renters.