Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 10 years ago,
Refinancing a Fix and flip as a personal home
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.