Should I use a heloc on my property for a flip !

[Jerryian Francois]

Hey bigger pockets happy holidays to you all I really need some advice here !  So it’s been 3 years since I brought my first duplex @415k its now build up equity and is worth over 540k so I have equity in it a refinance doesn’t make sense because I’m locked in at a low rate but I do t want to wait until rates drop to get back in the market I’m wondering should I tap into that equity via private money heloc and use about 30-50k to get into a flip deal the lender is giving 2 years to pay back the heloc ! Would love to hear from you guys !? Thank you in advance 

[Axel Meierhoefer]

Quote from @Angela Martinez:

I would personally conduct a side-by-side comparison between a HELOC and hard money, and then proceed accordingly.

@Jerryian Francois

When that comparison is done, don't forget that the hard money lender wants interest in most cases from the start on the full amount while a HELOC only requires payments on what you're actually using, so your project plan and timeline is very important.