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All Forum Posts by: Cian R.

Cian R. has started 14 posts and replied 71 times.

BRRRR - Buy, Rehab, Rent, Refinance, Repeat

Post: Financing a Renovation

Cian R.Posted
  • Posts 71
  • Votes 22

I’m looking for creative, low cost, ways to finance a renovation. Fortunately I purchased my four-family property all cash, but now I’ve very little left over for the renovation. I was considering the below strategy and would love to hear your thoughts:

  • Home Equity Line of Credit ("HELOC") to pay the monthly construction bills
  • Credit cards with a 0% APR for 12+ months
  • Once the renovation is complete, take out a 30-year mortgage based on the post-renovation value and use the proceeds to pay off the HELOC and credit cards

What are your thoughts? Is there an issue with this strategy that I’m missing?

0 Votes