Purchasing through Auction.com and using hard money

[Dominique Mitchell]

Hello Bigger Pockets.

I am currently in the process of getting my HELOC.

My goal is to buy and hold rental properties. And also do some flipping.

But my question is. If I use my HELOC to purchase, are there hard money lenders that would lend for just the rehab portion?

Also what should I know when purchasing through Auction.com?

[Bob Floss II]

@Dominique Mitchell Typically auction.com properties don't verify if the property is occupied and will not allow access. You'll need access to the property in order for the hard money lender to do an appraisal. If you can get in, yes you can do hard money. Once you are approved, a hard money lender can typically close in about 14 days for a first timer. After that, it can be in as little as 10 days. If you can't get inside, you'll need to close cash and then go to the hard money lender for a refi and rehab loan once you have possession.