Which path would you take to a HELOC in my situation?

[Brian Webb]

My primary residence is a live-in rehab that is still ‘in process.’ The two remaining projects are finishing the yard (irrigation system, sidewalks, grass, fencing and flowerbeds/trees/bushes) and building a garage. I have cash for most of the yard project, but I want to finance the garage.

My end goal is to obtain a HELOC to aid my start in RE investing.

My question is this, knowing that different loan options have different requirements, interest and closing costs, what is the best path to financing the garage now and getting a HELOC after completion? A few options that I have researched are: Personal Line of Credit, HomeStyle Home Renovation Loans and 203k loans, but I'm sure there are other options that I am not aware of.

Here are the numbers:

• Current loan balance is $150k @ 4.5%
• Estimated cost of the garage is $25k to $30k
• ARV is $250k to $300K

Any advice offered will be much appreciated! Thanks in advance.

[Brian Webb]

@Kevin Romines Thanks for the help! This definitely makes the most sense for me to pursue. This has been very helpful, thank you!