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Updated almost 9 years ago on . Most recent reply

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5
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0
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Lucas Kok
  • Real Estate Investor
  • chicago, IL
0
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5
Posts

What is the best way to finance a condo flip?

Lucas Kok
  • Real Estate Investor
  • chicago, IL
Posted

Hello Fellow Investors!

I've been a buy and hold investor the last 5 years, but is recently presented with an opportunity to flip my first property. I am wondering how I should finance the purchase and renovation if I plan to hold the property for only 90-120 days. I have one paid for property which have enough equity to finance the purchase, but not the renovation. I have 2 other rentals which are also paid off, which have enough equity to finance the entire flip. 

Should I go with a Heloc, a home equity loan or since my DTI is low, go the conventional route? What are the pros/cons and speed of approval for each of these processes?

I look forward to learning from you all. Thank you! 

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