Financing for Live-In Flip House Hack

[Jeffrey T Kinney]

Hey BP family, I'm starting on my real estate journey by doing a live-in flip for my current home (my first and only property). I purchased the property in May 2022 for 205k with 3.5% down and therefore have little equity in it (although it appraised for 30k more than what the purchase price was). It's currently a single-family 2/1 around 900 sq ft. I'm looking to expand the kitchen and add a master bathroom, putting it at around 1100 sq ft. I've met with a few contractors and found one that I'm confident in who gave me an estimate of 50k. If all goes as planned the ARV would be close to 300k.

My goal is to get the renovation done and then refinance to pay off the loan. It seems as if I don't have enough equity for a HELOC so I'm thinking about possibly applying for a personal loan. I have an account with Navy Federal. I'm new to this so any advice would be helpful..