Hi, me and my husband are ready to pull the trigger on a buy and hold investment property. We have been learning about the brrrr strategy and feel that is the path we'd like to take. For the last 18 months we have been calculating the numbers on over 100 houses. We recently applied for a conventional loan and now have a pre-approval letter. We also currently have a heloc in the process of getting approved. My first question is, should we buy the house first with pretty much all the cash we have on a 20% down payment and then get the heloc approved? Or get the heloc approved first and use that for the down payment. Im trying to take in consideration the debt to income after applying for the heloc, will that affect the conventional loan? We have found a home worth investing in, but the seller wants all cash 115000. The home has the potential market value of 190000 to 200000 after a full rehab of 35000 to 40000. I have considered a hard money lender. Any suggestions would be helpful.
