HELOC on a property I'm about to sell
Hey BP!
I'm flipping a SFH in the Arlington Area of Jacksonville (32207) that I bought for cash. The property isn't going to be able to go on the market until at least mid january, meaning if it sells immediately we won't be closing until at least February. There are a few properties I'm looking to purchase in January with cash, but a lot of my cash is in the 32207 property. I'm considering doing a HELOC right now to get some cash out. Nobody has lived in the property since we bought it in July, so I'm hoping seasoning is required as it is in a cash-out refi.
Is there any problem with me doing a HELOC now if I'm hoping to close by Feb? Do I have to pay back the HELOC before closing or can I use the sale of the 32207 property to pay off the HELOC on the same property?
Thanks!