Getting HELOC on BRRR Property

[Brandon Dean]

Trying to get some creative financing for a potential property purchase. Will use this property as a BRRR or Flip. I have a hard money lender, but can only get enough to cover either the purchase or the rehab. Is it possible to purchase the house cash, and get a HELOC on it, that would cover the Rehab Costs?

Details: "Triplex" 3/1 and two 1/1

Purchase Price: 60K

Rehab: 40-50k

ARV: 150-165K

Est. Rent: 1700

[Steven Foster Wilson]

Originally posted by @Brandon Dean:

Alright, so it could be possible if I were to use this as a House Hack? Wrong terms, it's private money, not a hard money lender. It's a family member willing to lend up to a certain amount.

Gotcha okay, yes it is possible to do a HELOC on a house hack if used as your primary. Its important to note though they will give you a loan amount usually between 80-90%LTV of the purchased price, not of a new appraised amount, unless its been longer then 12 months.