Line of Credit - Personal vs property backed vs mix?
I am a newbie who's trying to get my financing in line before I start throwing out offers on deals. I am currently in the middle of the application process with Wells Fargo to get a Line of Credit against a paid off investment property. They are offering a 60% of the value of the property as a line (about $100k). I am wanting to implement the BRRR strategy in the Boise Idaho market. My question is has anyone done this before? What are the Pro's and Con's. Has anyone done a personal line of credit before and how is that different, pro's and con's? And finally, has anyone had access to both at the same time in order to get into more expensive deals? Is that possible? Or even a mix of LOC and working with a lender. Any insights would be super helpful as I work through this way of financing deals.
Also if anyone in the Boise area wants to connect, hit me up.
thanks