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Updated almost 9 years ago,

Say Teoh's profile image
Say Teoh's profile image
Say Teoh
  • Residential Real Estate Broker
  • from Portland, Oregon
  • Member since Jan 28, 2016
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User Stats

90
Posts
31
Votes
Say Teoh's profile image
Say Teoh's profile image
Say Teoh
  • Residential Real Estate Broker
  • from Portland, Oregon
  • Member since Jan 28, 2016
Connect
Say Teoh
  • Residential Real Estate Broker
  • Portland, OR
31
Votes |
90
Posts
Private Lending & Conventional Mortgage Advice

HELOC for Rehab?

Say Teoh
  • Residential Real Estate Broker
  • Portland, OR
Posted

I have been researching different finance options for my rehab projects. Hard money is my obvious last choice due to the high cost. I was thinking just borrowing from family members (maybe at 8 to 10%), no paper work and keeping the money in the family. :) HOWEVER, today Bank of America called me and offered me HELOC at 2.2% for the first year... my eyes just opened, why didn't I think of this? Now, question is.. any downside of using HELOC for rehab projects?

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