creative borrowing in Indianapolis

[Ciel Tierra]

Hello everyone,

I am relatively new to the forum, so I will introduce myself. My name Is Ciel Tierra and I am an out of state investor from Hawaii and have decided to buy realestate in Indy where I feel there is a sweet spot and also where I have some family. I am interested in buying REO or mortgage-able properties outside of the 465 loop that need minor rehabs such as paint and floor coverings, maybe new kitchen cabs.

My question is, is there a way to buy with a standard 80% LTV investment property loan that also rolls up the cost of minor repairs and rehabs. I am using a HELOC on my home in Hawaii to put up the down payment but would like to buy multiple properties and stretch the heloc as far as possible without using it for repairs if possible.

Further is there anyway around the cash-out refinance (for cash bought properties without seasoning) restriction to only borrowing the purchase price of the home and not the purchase price plus rehab.  

Thank you all for your input

Ciel