Updated almost 9 years ago on . Most recent reply
Funding Business
We have about 80K equity in our primary home and 60K in the bank. We would like to start flipping. My thought is to use our cash to buy or use for the deposit and then get a home equity loan for the improvements. Is this a good strategy? Am I putting our primary home at risk?
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Steve Vaughan
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- East Wenatchee, WA
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Steve Vaughan#1 Personal Finance Contributor
#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Are you putting your home at risk? Technically, yes. The risk can be mitigated of course by buying a good asset at a great price and having solid rehab and ARV numbers.
At least in FL, coming on the market in the middle of winter may not be as much of s factor as it is up north.
How much house and rehab are you considering doing, Stephanie? How much rehab time are you expecting?