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Updated about 11 years ago,
Funding repairs with HELOC? Seller financing
If I were to purchase a property with seller financing, would I be able to acquire a HELOC to fund the rehab? If so, would that still leave me the option of refinancing with the bank in a few years--effectively paying off the seller?
I've looked at other threads that suggested negotiating the seller financing in a way that payments would begin 6 months after closing, to allow for repairs needed. That may help.
Are there ways to finance the repairs needed that I am overlooking?
I could do it all myself, but it seems more prudent to take care of it all at once and start cash flowing as fast as possible.