Sure you can, I've done that many times and helped clients do it many times.
Just make a cash offer on a property that you can flip, use your heloc to buy it, fund the rehab and then you sell it, pay back the heloc and do it again.
Side note- if you create at least 20% equity, you should entertain the idea of a BRRRR.
I currently own a duplex and have one side rented on airbnb. I'm living on one side and renting the other on Airbnb.
Mortgage is $2k per month and airbnb is generating $3500 gross per month.
the bank just approved a heloc for 250k. Is there any way I can invest that in something?
can I buy a house with it and flip it? if I can I'd like to remodel most of it myself.
or are there better ways I can invest it?
You're doing this in the best order possible. Many clients wait to try to get an approved HELOC until they identify a property, which is a problem as HELOC's can take a long time to close, depending on the lender. You get to write checks from your HELOC, so it's as good as cash.
I agree with Bob. Be careful about spending it on anything that won't directly give you a good return.
Thank you, so can I use it for foreclosures? Also is there anyone that I could hire to help me actually find a deal? I live in Miami I doubt I could find one here so I would like to invest in somewhere like Cleveland where the homes are cheaper.