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Updated almost 10 years ago,

Account Closed
  • Real Estate Agent
  • Richardson, TX
161
Votes |
511
Posts

Refinancing a Fix and flip as a personal home

Account Closed
  • Real Estate Agent
  • Richardson, TX
Posted

Hi,

I'm planning to buy a 3BD/1.5 BA house (cash) and using 0 % apr credit cards for a year to finance the rehab costs. After the rehab is done, I would rent the other 2 rooms which gives me plenty of cash flow to pay the credit card debt. After the rehab and roommates move in, I want to use a HELOC on the property. I would then buy a condo with 5 % down and use the rest of the HELOC to fix and flip properties.

My questions are:

How soon can I get a HELOC from a bank or refinance the property?

Would a bank be willing to lend me money for another personal home? Wouldn't this be an issue since I'd have a HELOC and a property already on my name? I'm just wondering if this is actually legal.

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