I dont think there is a specific answer to your questions. Can you get a HELOC? Probably, yes, but the variables on that make it difficult to give you the figures you requested. I would suggest you do some research yourself allowing for your credit, regional differences, etc. A good place to start might be bankrate.com. They have calculators for you to determine payments with a variety of scenarios.
@Terre B. Got it! Thanks! I’ll look into it.
@Matt Wells Using a HELOC would probably be one of your best options for flipping homes, in terms of the lowest rates and fees, versus HML. I can't provide a specific example unfortunately, but if you could have access to $150k cash / credit line for the whole flip (purchase + rehab) it would certainly give you lots of flexibility and negotiating power when purchasing.
You would probably pay a few points or a flat fee for the loan, and it may be interest only on the draw, but you could have to call around.
Downside is that you're borrowing from your primary residence, so you're putting that at risk in case things go wrong. Lots of people use that but I know others who will keep their personal residence out of the equation. You would also have to have income and the credit score to qualify for the HELOC.
@Tom S. Can you elaborate more on the income requirements? Is a W2 income preferred? Any examples?
@Matt Wells I can't elaborate on income requirements, as I'm not a lender, and you would have to call around. In my personal experience, W2 is always preferred over 1099, 700+ credit ideally, no recent foreclosures, BK, tax liens, or a history of settling debt for less than owed.
@Matt Wells really not sure how to respond. Borrow money ( HELOC, ) use it to buy a property, fix it , sell it for a profit, and do it again. Not really sure what you are trying to ask. KEEP IT SIMPLE. Again, borrow, fix, sell , do it again. Who cares about the small interest rate. its meaningless.
PS I suggest going to your local REIA meeting and connect with someone doing deals, learn then apply what you learn
@Bob Stevens I like this approach! Don't overthink it! Just do it! Maybe I have a case of analysis paralysis.
@Matt Buck you 100$ do, :) KEEP IT SIMPLE,