All Forum Posts by: Stephen Ledbetter

I have an $80,000 HELOC available to use to purchase or rehab a property.

I found an $80k property in my area that will require about $60k in rehab, and the ARV will be roughly $230k. Rent will be about $1700-2000.

I'm considering Hard Money Loans for the first time - compared to conventional financing, as I don't have the best W2 income history at the moment and credit score has dipped over the past few months.

Would it make sense to do a HML for the entire (or almost entire) purchase price and renovation cost, then do a DSCR or conventional rate/term refi after complete? Or should I incorporate my HELOC money into the deal somehow (purchase or rehab cost?), and do DSCR / cash-out refi after complete? If I use the HELOC money, whatever I use would be added to the new loan anyway, right?

What are my options, am I missing anything? 

TIA.