Hard money loan with no rehab? on purchase 25% of ARV

[Reginald Cook]

Hello everyone ,

I have the opportunity to purchase a single family 3Bd 1.5 Bath home in Mt Airy for $50,000 . The house is not distressed its just old, but in good condition.  I plan to rent this property out after a light rehab.

Moderately rehabbed homes on the same block and the two surrounding blocks sell for 200k and over 250k fully rehabbed with a deck and finished basement ( the property I can buy has no deck or finished basement ) .  The house next door sold for $60,000 in 2014 in horrible condition and was resold in 2015 for 150k 

My Question is : If I get a hard money loan to buy the property, is it a requirement for me to rehab it before I can refinance it and rent it out and pay the lender back ? 

or

can I immediately do a cash out refinance after getting a hard money loan to purchase the property , then pay the lender back and do repairs with the cash out financing to avoid higher interest rates and dealing with inspectors after every repair?

 What advantage would I have if I rehabbed the property before cash out refinancing it with a bank ?                                     Every hard money lender's website I visit does not clearly indicate if I can get a loan without having to rehab a property.

I'm sure I will have a large amount of equity in the property at purchase because I can get it so low and it would only need a new condenser , PVC pluming to replace the old cast iron stack , simple roof work, and a new breaker panel. I'd add some new counter tops and appliances ,update the bathroom, paint and update lighting to spruce the place up a bit . none of this will be a problem because my uncle is a master plumber , I already have a good electrician, and I have finished work on a few houses my self.

can anyone answer this question or give some advice ? this will be my first time dealing with hard money. 

Thanks ,