Hi, all -
I was hoping to get some advice (or confirmation) about buying and refinancing - I’m totally new at all this and am trying to get started on the right foot!
Anyway, I’ve got a line of credit (currently unsecured, but am planning on getting a HELOC) that’s enough to purchase outright a property in my target price range. My question is, should I buy it outright with credit, fix it up to maximize the value, and then refinance (and pay off most/all of the line of credit to be used again)?
Or should I just use the credit for closing costs/down payment, fix it up, then refinance later?
And if I did option #1 (buy w/cash, then refi), should I definitely get an appraisal done before I buy? I assume yes, but wanted to double-check.
Note that I am NOT planning to do major rehab work - just cosmetics as necessary, and I’m looking specifically at multi-unit (3s & 4s, mostly) properties that are already tenanted.
Thanks in advance, and thanks also for the great information folks have posted on this group! 