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Updated almost 6 years ago,
Line of Credit for Rehab Costs?
What do you all think about using a line of credit for rehab costs? I just put a house under contract the other day and requires 4-5k in repairs/updates. I was originally thinking about using my own cash, but my realtor brought up the fact that maybe a line of credit would be a better option so it doesn't wipe out more of my cash after the 20% down payment for the house. I'm thinking using the line of credit and then pay it off when I refinance the home in 6 months (after the seasoning period). Any feedback on this would be great as to if this would be a good strategy or not. Thanks!