Duplicate Lines of Credit

[Collin Goodwin]

How about this for a strategy... Starting with a small amount, open up two seperate lines of credit from different lenders, and pay each of them off with eachother while building credibility and relationships with each of the lenders, ultimately increasing the Line of Credit. Once a desired line of credit is acheived, use the credit line to act as "cash" purchases for fix and flips. Anyone have any experience doing this?

Do HELOCs hold similar guidelines to conventional mortgages in regards to LTV? In other words, a lender would only issue a line of credit based on 80% LTV?

Of course this is not the safest method, but could be used to combat low start up capital. Thoughts?