All Forum Posts by: Emmanuel Fregene

@Chad Lanting Gotcha, that answers my question! Thank you!

I am looking to take out a heloc on my primary home to buy a rental property and use the BRRRR strategy. When it comes to the refinance, do people usually use the same bank they used for a heloc (to purchase the property) to also do the refinance (for better interest rates) out of the heloc? And if so, how long do you usually need to have the heloc before you can qualify for a refinance (assuming you have the equity built up)?

Thanks in advance for your help!

@Andrew Syrios

Got it! Thanks so much for your help!

@Andrew Syrios

I think I'm starting to understand. You get the HELOC from the primary home to purchase the second home. So when you refinance out of the HELOC used for the second home, you can refinance with a new loan, which could be equal to the amount you owe on the HELOC, but likely better rates- the point of refinancing?

So when people talk about refinancing to pull their funds out, they are referring to getting a new loan that will pay off the HELOC, but you'll have to build up equity on the second property to do a HELOC again on a third property?

Hello, all!

I'm trying to get a better grasp on HELOCS as it relates to the BRRRR strategy:

Let's say you use a HELOC to buy a property. Once you've done the rehab and rent, how exactly does the process of getting your HELOC money back in the refinance work?

I’d greatly appreciate any explanations. Thanks!

Hi Grace!

By any chance, does this meetup still happen/Has it gone virtual?