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27
Posts
3
Votes
Shane Gordon
  • Real Estate Broker
  • Charlotte, NC
3
Votes |
27
Posts

HELOC BRRRR and CASH OUT REFI

Shane Gordon
  • Real Estate Broker
  • Charlotte, NC
Posted

I am a newbie real estate investor and will be using a HELOC to pay for the purchase of a house including rehab costs. Couple questions below:

1. Should I be getting preapproved to get a cash out refi, will the banks even consider this if I haven't even purchased the house yet? 

2. How do I figure out the BRRRR calculator for a HELOC? I have been selecting the cash button for purchase, but then that isn't counting the 4.5% interest I will have for the HELOC.

3. Are banks even allowing refi's right now due to the Coronavirus?

Thanks in advance for your advice.

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