HELOC vs Hard Money for a flip

[Hoa Nguyen]

Hey, everyone looking for some advice in regards to financing a potential flip.

I have about 100k in equity in my primary residence and have heard some success stories in using HELOCs for flips. In my market, you can find a home that needs 20k in repairs for 30k-50k.

My question is, is it a good idea to capitalize on the HELOC opportunity if I find a solid deal? Or should I rather seek a hard money lender?

These are the only two options I am looking at. Don't have dp for a conventional.

[Tony Savage]

Hi Hoa,

Heloc is the way to go! I took out a 50k HELOC last year against one of my rental properties. I'm using that capital to flip in Chattanooga, TN.

I have a 5yr draw period at a 10.95 rate.  Check out Figure, you do everything on-line and it's quick.