Using Home Equity loans for flipping?

4 Replies

I could use some real good advice here.....and potentially speak with someone. All of my equity is tied up in land and houses prior to getting into this business. I would like to utilize some of this equity and have a lot of questions. Any one an expert in this area I can run some questions by?

look at some of the old post on line of credit obtains and doing deal s on line of credit like your getting a collage eduction on BP if you do your research on here

Originally posted by @Ahmed Porter :

look at some of the old post on line of credit obtains and doing deal s on line of credit like your getting a collage eduction on BP if you do your research on here

 Hey Ahmed,

I'm new here, so what you are saying, would that apply to someone in my position who is currently unemployed/not earning an income at this point, but has equity tied up in properties?  Is there a possible door that can be opened to release funds to to attract funds?

I just used my HELOC for a down payment on a buy/hold. I can't see why you could not use one for a flip.

I used to do them a lot back in the day when you could buy a house for cash and go get an 80% HELOC for what a computer told them it was worth the next day. They learned their lesson on that stuff so lending has tightened up, but if you've got the credit and assets you can probably find someone to do one relatively easily. Just start checking with banks and credit unions. Gonna be way harder on non-owner occupied stuff, just FYI.

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