HELOC OR EQUITY LOAN LUMP SUM?
Hello fellow investors,
My partners and I just started an LLC for home re-development aka house flipping.
Each of us will have equal shares, so monetary input.
We just landed our first deal through the MLS for 170k.
The question is:
I have a rental apartment for 5 years now and its appreciate went up to 100k. Am I able to take out a HELOC or lump sum of 80% of that 100k appreciation to put into the business to do a flip??? I own the property but only lived there for a year. What are the requirements to take an equity loan? Thanks in advance.