Using heloc for brrr and renovations

[Zachary Engen]

Ive read a few things about onlying being able to cash out refinance 75% or the purchase +closing costs, whichever is lower. I plan to purchase a distressed property amd do the renovations with my heloc. Once I'm finished I would just want my purchase price amd the money I spent on renovations back back...

for example, i buy a house for 100k put 50k of renovations into, house would now be valued at 250k. I would just want to be sure I can get that 150k back to pay off my heloc..is this possible? The 75% thing I've read is confusing me.

thank for any info. 

[Chris Barrett]

Just make sure to find a lender you are going to refinance with first. Holding onto a HELOC long term is painful, so you'll want to make sure your exit from the HELOC is planned out.