Newbie here with a HELOC question

[Kimberly Ranz]

Hi there- I am about to make an offer on my first EVER home purchase to fix&flip. I am definitely GREEN- but I have been studying, listening, and picking brains of the REI pro's in my network here in Cincinnati. I have my pro forma bases covered and things look good. I'm excited, I'm a little nervous, and I'm totally into it!

I'm wondering if there are any other possibilities for funding the flip. I am in the process of getting an HELOC for 3.49%- so it would make sense to fund the purchase and repair with that - (my husband bought our current house before we were married- we used it as a rental for 5 yeas while we were both working in Cbus. Later, moved back in, renovated it, and are sitting on a good amount of equity). I am not certain, but I also read that some HELOC interest may be tax deductible- anyone know if this applies to real estate flips? Would there be any benefit to getting a mortgage on the flip to free up the HELOC for other things? A fixed 30 year mortgage at 4-5%?

Any insight appreciated! :)