Updated over 9 years ago on .
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1031 Exchange using HELOC to pay for remodel costs
Hi all,
I have a duplex investment property for sale that needs some remodeling costs with proceeds going into a 1031 Exchange.
I do NOT want to pay all these costs out of pocket as I will NOT receive any cash at sale to reimburse my costs.
Given that I have an existing 200K loan on this property and I want to create a 25K HELOC loan, then would the 25K loan be added to the 200k for a total of 225K going into the 1031 ?
I have NOT applied for the Home Equity Line of Credit yet. Can I even apply for one for an investment property ?
Regards, Rich