Rookie - finishing 1st property and learning financing options

[Will M. Ballard]

Hello - a good friend recommended I join BP to learn and hopefully get some advice on a question that I had called him seeking answers for. 

As my post header states, I'm a rookie. I am rehabbing my first investment property (a 1950s 3bd 1 ba, 1100 sq ft sfh) and have done the majority (75%) of the work using my savings and a loan against a retirement account. I am at a point where I need additional cash (10K) to complete the remaining work which includes replacing some windows, painting inside and out and doing some landscaping work - throwing down some crushed rock on an unfinished driveway. 

I'm an accidental real estate investor because I bought this house to keep my son in a good school district when we were moving from my old school district to the current. I bought the house for $65K (3 yrs ago) and have since aggressively down on that loan. The plan is to follow the BRRRR strategy. So I called my friend today because I found out (to my surprise) that my credit union (and other local lenders) don't do HELOCs on non-primary residences. They do HELOCs only on primary residences. I find out it might be better to go for a business loan and have sent off a number inquiries but thought to post the question here about what best to do given I want to follow a BRRRR

What is the best way to get the cash that I need to finish my rehab - about $10K? My ultimate goal is to pull out the equity from this house and go for house #2.

+ Get a HELOC on my primary residence and use the cash the finish the rental and rent it - just 10K?

+ Use a hard money lender for just the 10K

+ Simply try to refinance the house now (I have $125,000 in equity) so that I have all the cash in hand and am ready for the next house? (don't think that's possible if I'm in the middle of rehab) 

Thanks.

[Frank Wong]

Hi Will,

If your credit is great. Go apply and get a 0% credit card for 18 months. Use the card on the $10k you need to finish the project.  Do cash out refinance and pay off the card.  Just giving you another option.