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Updated over 1 year ago on . Most recent reply

Carlos Hernandez's profile image
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Carlos Hernandez
  • Member since Sep 29, 2023
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7
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Carlos Hernandez's profile image
Carlos Hernandez's profile image
Carlos Hernandez
  • Member since Sep 29, 2023
Connect
Carlos Hernandez
1
Votes |
7
Posts
Private Lending & Conventional Mortgage Advice

HELOC for Fix and Flip: Need Advice with 65k Equity?

Carlos Hernandez
Posted

I currently own a property that I utilize for short-term rentals. My existing mortgage has an interest rate of 4.5%, and I owe $247,000 remaining on it. I have approximately $100,000 in equity built up. I'm considering applying for a Home Equity Line of Credit (HELOC) on this property to finance a fix and flip project. My intention is to access around $65,000 through the HELOC. I'm interested in hearing your thoughts and advice on this plan. What do you think?

Seattle, Washington
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