All Forum Posts by: Steven Dome

@Brian Kantor

Hey Brian,

Thank you for the helpful response. I will be sure to start reaching out to local lenders to get a more accurate picture of what type of loans might work best for my situation.

Best,

Steven Dome

@John L Desimone

Hey John, thanks for the response. It lead me to research what I could actually get out of a HELOC and upon further examination, I don't have a whole lot to work with if trying to BRRR a property using that method. With the capital I currently have, it seems like the safest/ easiest route may be to purchase a cash flowing turnkey in a affordable market. But the downside there is, I would likely have to wait another couple of years before I could afford another property, which is considerably slower growth than I would like to see.

Hello BP people,

I have discovered BP about a year ago and sadly I'm just finally making my first post. I am currently in the process of refinancing my home and my appraisal just came in at $62,000 more than I bought it for just a couple years ago. After the refi is complete, I will have $73,000 of equity. So my question is, can I get a HELOC and use that money for the mortgage down payment on a BRRR? And are there lenders that will allow me to build renovation costs into the loan? And once all is done (if what is mentioned is possible) can I then cash out refi on the property to replenish my HELOC? And if so, is there a waiting period from the time of the initial purchase? If anybody has experience with this, any feedback is greatly appreciated! (BTW I live in Philadelphia if that matters)

Best,

Steven Dome