Personal LOC or HELOC

[Ardranae Byer]

Hi BP,

I can use some insight. I having been investing in multi-units and SFR properties for about 4 years now and I been wholesaling for the past two years. I been using the traditional way to acquire the properties that i own (Only three). For the past year I have been reading/researching about strategies and funding options. I would like to use OPM for my next purchase, rehab and refinance. I have money saved up but not enough for the purchase and rehab. I have a 760 credit score and a great job. So I am wondering which option would be best to consider for my next purchase. Should I do:

*HELOC

*Personal Line of Credit

*Business Credit

I am stuck because each of these would hit my credit very hard and I am nervous that it will drop it too much to be in position to refinance. I have been approved for $70k (use for rehab and materials) of business credit but I have not accepted it yet. I have also been approved for slightly more in a personal line of credit that I have not accepted as well. Currently, I have not applied for the HELOC or Refinance for my rental properties. If you were in my shoes, what would you do? If there are other options out there that I have missed, please share. I am open to anything.