Best way to Refi a property, just purchased w/HELOC

[Jan Fensterer]

Hello-

I have purchased and successfully flipped properties- This particular one came out of the blue- Any thoughts, advice would be greatly appreciated. We purchased a property before it came on market- Looks like it was underpriced by $30-$35k- The home needs nothing.

Utilized our HELOC- Cash deal closes on June 12th- Lot's of home building in the area- It will bring more in as an executive Rental, for possible people needing a place to live while their home is being built- or AirBNB-

AirBNB- I'll have more tax rite off- My HELOC is at a crazy low rate right now- 2.50%- Total current payment of (non deductible interest) under $500.- This property has good potential to bring in $2,500 per month as AirBNB or as I said- people waiting on their home build-

I have to waiting for 6 month Season, to get a mortgage- BUT- this current interest is crazy low.

This is a keep and hold- I have my eye on the property next door- Suggestions? Or is it obvious to keep the HELOC, until I chunk down on the house?

Talked w/banker- They told me they will do an appraisal and look at purchase price- they will go w/whatever is lower- Purchase was $199k- Worth about $240k-

I want to do some kind of cash out refi, so I do not have to tie up $50k-

Thoughts?

Thanks group. :)