Using a HELOC to Flip - How does it work?
A local credit union has approved us for a 100% LTV HELOC on my primary residence. I will be able to access a line of credit of approximately $130,000 (Which will be more than enough for flips im looking at).
I guess my question is how the whole process works? How do I take the money out of the home equity line of credit to pay for the house I want to buy? Do I write myself a check or something?
Also, when I need money to rehab the house, can I just access the line of credit whenever I want without being questioned by anyone from the Credit Union?
Really just trying to get insight on how the HELOC works. Thanks in advance!