BRRR financing with a HELOC
I have a HELOC open on my house which can get me 20% of the purchase plus the repairs. What's the best way to finance for a BRRR where I can take my money out in a few months? The house I'm looking at needs minor cosmetic repairs and will be rent ready in a couple months. I've considered bank financing the purchase and then refinancing again in a few months. The problem with that is I'll have to pay closing costs twice, and they may need the loan to season.
I've also considered hard money, but that just seems expensive for what I'm trying to do. Are there any other low interest bridge loans made for this situation? How do you do a BRRR without all the cash upfront for purchase and rehab?