Updated over 8 years ago on . Most recent reply
Anyone used HELOC on a flip?
Has anyone bought a flip in cash then opened a HELOC on that rehab property to finance the renovations with low interest rate of a HELOC?
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Andrew Postell
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
Lender
Pro Member
#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Ben C. most banks will want to see an appraisal on the property before granting a Line of Credit (LOC) on it. If the home is in disrepair this may not be the best strategy since they may want the property renovations completed before the approve the LOC. Is there a reason why you wouldn't want to use a loan to purchase the property or just buy the property with cash and pay for the renovations in cash?