HELOC/HARD MONEY advice?
Hi all! Just digging in to this forum and learning a lot.
Have recently started a renovation company with a friend, both of us successful business owners and talented in the trades. Also both enjoy freedom in our schedules. My question is, for a fix and flips, I'm considering financing the whole thing with a HELOC instead of hard money. I have 100% equity in a home valued at about 400k. Secure income from a thriving business as well. My partner is considering the same on his home, however, he still owes about 100k with 300k equity.
Is this a wise strategy? Is there another way I should be considering? Thanks for any and all advice!!