Updated over 5 years ago on . Most recent reply
BRRRR on a Property With No Mortgage
My grandfather left me a home. It is a brick ranch style 3br/2bath home. No mortgage. It needs some upgrades. Is it possible to BRRRR this property? I know I can pull out a HELOC (or at least I think I can). Once I have it remodeled, (I already have a renter), then what? Do I just refinance? if so, how? I am confused because I would already be pulling a HELOC out. Please help (obvious newbie).
If this is not the best option, can you share what the best option would be so that I can continue to repeat the cycle?
Most Popular Reply
You need to pull money out to do the remodel? If not, why put a loan on it? Just let it cash flow.