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Updated about 3 years ago on . Most recent reply

Mark Herrmann's profile image
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Mark Herrmann
  • Member since Aug 10, 2018
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Mark Herrmann's profile image
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Mark Herrmann
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General Real Estate Investing

HELOC or new construction loan for spec?

Mark Herrmann
Posted

Hi.

I own a duplex that is worth about $325k. It's paid for. Houses in this area sell for $900-$950k new. I want to put a spec house on the lot and flip it. Construction costs are $455k. We have over $600k in equity in our primary residence. Is it better to use a HELOC or get a spec construction loan? Expected completion in six months. Thanks

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