HELOC & Hard Money Combo for a Fast Flip?

[Kaylin Wedel]

I’m currently in the process of flipping my first house, which is also my primary residence. I bought it below market value this past winter and have been putting in a lot of work (and cash) to build equity. It needed a ton of updates, but that’s exactly what made it a great opportunity!

I’m working a full-time office job on a single income, so my paychecks are steady but not huge. Flipping houses is how I’m trying to grow my money faster. I’ve got two friends renting from me right now, which helps with the bills, and I’m planning to hold onto this place for the long term.

My idea for the future is to eventually flip an investment property using a hard money loan, ideally to earn quick capital for a bigger goal; investing in unique Airbnb rentals. I'm thinking of tapping into the equity I'll build in my current home after renovations by taking out a HELOC, which I would use to fund the down payment and monthly payments on a hard money loan for my next flip (which I would turn around and resell quickly).

Would love any advice or feedback from people who might have done something like this before; use a HELOC alongside hard money? Would you advise for this or against it?

Thank you!