Updated over 9 years ago on . Most recent reply
What is the best way to finance a condo flip?
Hello Fellow Investors!
I've been a buy and hold investor the last 5 years, but is recently presented with an opportunity to flip my first property. I am wondering how I should finance the purchase and renovation if I plan to hold the property for only 90-120 days. I have one paid for property which have enough equity to finance the purchase, but not the renovation. I have 2 other rentals which are also paid off, which have enough equity to finance the entire flip.
Should I go with a Heloc, a home equity loan or since my DTI is low, go the conventional route? What are the pros/cons and speed of approval for each of these processes?
I look forward to learning from you all. Thank you!