Refinance option for restore of Parent's Home

[Aaron Harris]

Hi,

I have a interesting situation. I'm currently a homeowner that is considering refinancing in order to help restore my parent's home which is currently vacant. I'm thinking of putting 25k into the home to restore if and eventually or fairly soon, have someone move in paying rent, in addition to possibly converting my back unit into a possible AirBnb or space for myself and have my home rented. I'm striving to have this completed in the next 4 months which I feel is possible. I guess my question is would it be a smart move to refinance my home in order to facilitate this restore or are their other options I should be possibly looking into?

Any assistance or direction would be greatly appreciated.

Thank you BP,

Aaron

[Nick Hedberg]

Many of my client's are doing cash-out refi's and using the money to purchase additional properties or for rehabs. Lock in low interest rates for 15-30 years? Yes, please.

I would stay away from HELOCs unless it's fixed, many are variable. Also make sure the investment is worth the costs. You can easily dump a ton of money into a property and not see a return.