Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 4 years ago, 11/17/2020

User Stats

3
Posts
0
Votes
Steven Dome
  • Philadelphia, PA
0
Votes |
3
Posts

Just starting out (questions about heloc)

Steven Dome
  • Philadelphia, PA
Posted

Hello BP people,

I have discovered BP about a year ago and sadly I'm just finally making my first post. I am currently in the process of refinancing my home and my appraisal just came in at $62,000 more than I bought it for just a couple years ago. After the refi is complete, I will have $73,000 of equity. So my question is, can I get a HELOC and use that money for the mortgage down payment on a BRRR? And are there lenders that will allow me to build renovation costs into the loan? And once all is done (if what is mentioned is possible) can I then cash out refi on the property to replenish my HELOC? And if so, is there a waiting period from the time of the initial purchase? If anybody has experience with this, any feedback is greatly appreciated! (BTW I live in Philadelphia if that matters)

Best,

Steven Dome

Loading replies...