Hello everyone.
I am fairly new to REI and I have a question about using HM for purchasing primary residence. I have found a house that is selling for 15k and only needs some cosmetic work inside and out. The comps in the area are 70-80k. If I use HM to get this property would they lend just for purchase or purchase and rehab. I plan to stay in this house for maybe 2-3 years before moving to another one that is a bit bigger. Or should I refi in 6 months and pay off the first HM and get the second property (down payment). Because there is significant equity in the first property. Could all this happen with no money down or very little. I have tried to see if there were topics on financing rehabs with hard money on the forum but I guess I missed them, or they were under a different heading, anyway all help would be appreciated.
Thanks.
Michael