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Updated over 1 year ago,
Finance options from bank
Hey guys, brand new to BP, not completely new to flipping, however its been a few years. I listen to the podcast everyday all day, alot of great information. I have a 50k$ loan from family interest free, can probably get heloc from primary residence for 60-70$k. I have an LLC, trying to keep all funds inside the LLC from purchase of property to rehab and all other costs. What are my best options? Just wanting to flip for now to build capital until i can buy and hold. Use part of the 50k for downpayment and rest to pay for holding costs and use heloc for Renovations? Use for downpayment and ask bank for loan for balance of house and renovation? If so what type of loan is that called? What type of loan should i be requesting from bank to get started? Hope this makes sense, appreciate the responses. Keep in mind im trying to keep part of my 50k in bank acct to pay the loan/interest so im not taking from personal funds that im living on