To HELOC or Not to HELOC that is the question

[Account Closed]

Trying to decide the way to get started in this real estate world. I own a home with roughly $200K equity. Credit is ok. Would it be better to refinance and pull out some cash to get started flipping homes or would it be better getting New loan as a HELOC?

I heard HELOCs were costly, (6%), My VA is at 3.5%.

Sure could use some advice. I am just chomping at the bit to get going. 

Most of the lenders I have meet want me to have 15% into the project. So with that being said, I need to raise $50-60K

What would you do in my situation? 

My situation allows me to be available 40-50 hours a week. 

I welcome any suggestions. Also, do you have any referrals to lenders in Northern Puget Sound area? 

[Aaron K.]

@Lawrence Brocha are you planning to do one flip or many. If just one go with the HELOC pay it back and you're still on track to pay off your house on schedule. If you plan to do many you can refi and take your seed money out permanently and let it grow as you hopefully make money on your flips.