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I’m Four Months Into a 1031 Exchange—Now It’s All About Finding the Best Deal in the Haystack
We are less than a month away from listing our Brooklyn, New York condo, which we bought for $375,000 back in 2004, the same week we got married. 20 years, two […]
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1031 Exchanges
HomeForums1031 Exchanges1031 Exchange using HELOC to pay for remodel costs
Richard Chang's profile image
Richard Chang's profile image
Richard Chang
  • Renter
  • from Alhambra, California
  • Member since Aug 26, 2009
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Richard Chang's profile image
Richard Chang's profile image
Richard Chang
  • Renter
  • from Alhambra, California
  • Member since Aug 26, 2009
Connect
Richard Chang
  • Renter
  • Alhambra, CA
5
Votes |
133
Posts
1031 Exchanges

1031 Exchange using HELOC to pay for remodel costs

Richard Chang
  • Renter
  • Alhambra, CA
Posted Jan 28 2016, 10:10

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

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