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Updated over 1 year ago,
Rehab Funding Question
Hey BP Community!
I just closed on my first home. It's a small 2/1 in an up-and-coming neighborhood in the city of Atlanta. It's a fixer-upper and I plan on doing a "live-in flip" with this property. So, I'll live in it for about 2-3 years while I fix it up and make it a rental once I move. My only issue is funding the renovations. I want to do as much DIY as possible to keep costs down but will probably have to outsource quite a few things. I was thinking about possibly
A. Getting a personal credit card with 0% APR for a year or more
or
B. Getting a line of credit through my LLC with 0% APR for a year or more, although the house is in my name and not under the LLC
to help fund the renovations.
So my question is what do you all think about doing something like this? And is option B illegal or problematic in any way? Thanks for the advice in advance!