Updated over 9 years ago on . Most recent reply
Using multiple HELOCS
Im looking a buying a single family home for 60k. Paying cash with my HELOC. It needs about 12-15k in repairs and should sell quickly for at least 130-140k when all done. I just opened up another HELOC on a duplex that I own. Has anyone ever used two lines to do the purchase and the rehab? I figure that I can just use one to pay the other off each month before any interest charges hit? It should only take me three months from purchase to sell if all goes as planned. Sounds too good to be true that I will be basically using free money.