Would you use a personal line of credit to purchase a property?

[Alex Martens]

Hi all,

I am trying to find ways to fund my third RE deal. I was thinking that a possible solution would be to use a personal LOC to secure a property, then refinance into a conventional or portfolio loan. Assuming the numbers work with the refinanced terms, would this be a good idea? What else should I be aware of? I don't believe I have enough equity in my other two properties to borrow a useable amount. Thank you!

-Alex