All Forum Posts by: Chad Jones
Chad Jones has started 1 posts and replied 3 times.
Quote from @Daniel Tanasa:
Another option is to get a small cash out refinance from the house you plan on fixing up, if is in financeable condition, and use that to fix it up, while still cash flowing. And you are looking at an interest rate around 7% instead of over 10%.
Quote from @Devin Peterson:
Quote from @Chad Jones:
I have my dad's house (he passed 2 years ago) and am wanting to rehab it & rent it. My vision is to keep it a while (it's paid off) and use the cashflow to help with my kids college. A full interior rehab will be about $40,000. Would a HELOC or home equity loan on my personal home be a good idea to fund this? What other options would be good? Thank you in advance!
If you can get a better primary residential HELOC rate than you can a hard money bridge loan I would say yes. You'd be looking for HELOC rates better than 10-11% to fund the reno. Local banks and smaller credit unions are most aggressive in this space. Good luck
Thanks Devin, yes was quoted 10 & 11% from rocket mortgage. Going to shop local to see if I can get a better %.
I have my dad's house (he passed 2 years ago) and am wanting to rehab it & rent it. My vision is to keep it a while (it's paid off) and use the cashflow to help with my kids college. A full interior rehab will be about $40,000. Would a HELOC or home equity loan on my personal home be a good idea to fund this? What other options would be good? Thank you in advance!