HELOC for quick closing
Hi all, I have probably $90k in equity in my main residence, and I want to start buying and flipping/reselling/renting new properties. I already own 4 other properties as buy/hold, but I'd like to quit my W-2 job and get into flipping because I'd rather be out on a site than sitting on my butt on a computer at my current job all day :).
With that said, how are my prospects on getting a HELOC and using those funds to buy properties? I've never done a HELOC. Can you write a check and do a normal closing under this scheme? I'm not concerned with the risk because I have funds available elsewhere to easily cover things if crap hits the fan, but I'd rather not use them/they would require selling things I'd rather not.