Updated about 24 hours ago on . Most recent reply
Using a HELOC to fund a deal.
I bought a house for $75,000 in March with a hard money loan. 90% LTC, 100% rehab. All-in my current loan amount is $84,499. The house appraised for $132,000.I'm wrestling with the idea of taking a HELOC out to finance the rehab of the next house. I'd pay closing cost out of pocket, pay for the rehab and use the reimbursement from my lender to repay the HELOC. Then I just have to rent the house out and repeat. Just wondering if anyone has had success with this method or perhaps some missteps.