All Forum Posts by: Brad Blank

Great advise from all. I like the idea of getting the HELOC to get the work done and then refi. Thanks to all for the advise.

 Great advise.  Thank you both.  I will start calling around. 

Taylor, thanks for the input. That is what I was thinking, but doesn't HELOC's interest rates fluctuate and are higher. I get the advantage is that it's only on what you take out. Is that why you are saying I wouldn't be stuck with the higher interest rate or am I missing something with the rates now?

Jay, the plan is to rent for long term and use some of the equity, since it is paid off, to buy other properties.  For the rehab, I'm thinking it will cost between 15-20K.  May be able get down from that if I do some of it.  The property will be turned back over to me by the end of the month and will have to go in and clean some stuff out.  I plan on getting a couple of contractors to come and walk it out to give me a line item bid. 

Trying to post this again.

I was given a property some years back as a donation. So the property is free and clear of any debt. Unfortunately, I was not able to use it as rental property and start my venture into real estate investing until now. The property is in need of some TLC, such as paint, they were heavy smokers and smoked in the house, appliances, and some updating.
Trying to decide if I should do a refinance or use a HELOC to make the repairs/update to get started. With the high interest rates now, not sure which would be better. What thoughts or advise would y'all give to someone in this situation.

I was given a property some years back as a donation.  So the property is free and clear of any debt.  Unfortunately, I was not able to use it as rental property and start my venture into real estate investing until now.  The property is in need of some TLC, such as paint, they were heavy smokers and smoked in the house, appliances, and some updating.
Trying to decide if I should do a refinance or use a HELOC to make the repairs/update to get started. With the high interest rates now, not sure which would be better. What thoughts or advise would y'all give to someone in this situation.