Heloc, brrr rehab costs, waiting period for refi?

[Oscar Chirinos]

Hello guys quick question, if i use a Heloc to finance the BRRR strategy, is it true some helocs do NOT allow you to use the funds for rehab or closings costs, and if they do allow it, is there a waiting period for refinancing out of the loan to move onto the next one? like 6-8 months? i thought a heloc was treated just like cash, i keep reading mixed replies on the forums, im confused =(

thanks so much all!

[John Warren]

@Oscar Chirinos a HELOC acts just like your checking account. You literally get a check which you can deposit into an account or use to make a purchase. I recently used my HELOC to purchase a six unit deal in Cicero, IL, and it was as easy as having cash in the bank. I am not sure who told you that you can't use them for rehabs or closings??