Just starting out (questions about heloc)
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