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Updated almost 6 years ago,

User Stats

25
Posts
9
Votes
Ryan Young
  • Greenwell Springs, LA
9
Votes |
25
Posts

Line of Credit for Rehab Costs?

Ryan Young
  • Greenwell Springs, LA
Posted

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!

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