Sub2 Deal that needs REPAIRS. Take or pass?

[David Morgan]

I'm thinking of doing a sub2 with a lease option exit for a property that has about 50% equity and needs about 20-30k in repairs. Could I have the owner take a HELOC for the repairs?

[Kerry Baird]

That would be odd (to me). Takes a month or so to get a HELOC, and (for me) purpose of sub2 is fast close, reno and sell house. My sellers have sold on sub2 because of bad credit, pending medical crisis, or other must-sell situation and wanted the fastest sale. None of my handful of sub2 sellers would have been able to get a HELOC.
You can always ask. 

[David Morgan]