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Updated over 5 years ago,
HELOC vs Home Equity loan VS Cash out refinance, dilemma!
Hello BP community, My name is Christian Barra and I have a nice BRRR poject. I bought a property on cash, repaired it successfully and rented it for 7 months now. At this point, I want to refinance it to get my funds back to go to a next project. Here comes the dilemma. I have done some research ( maybe not enough) but I would like to get some help to pick which product is best for real estate investing.
- Cash out refinance, I can get 80% ARV with 3% closing cost
- Home Equity Loan, I can get 80% ARV taking a lump sum of money now.
- Home Equity line of credit, I can get 80% ARV with a lower interest rate.
I would love hear your ideas or experience. it is very different, seeing this products from real estate investor angle.
Thanks