HELOC while flipping
An time sensitive opportunity came across my table for a purchase of properties in a bundle. Right now I am on the middle of a flip no more cash in hand to make an offer so my only option seems to be investors or a HELOC against my flip or my own house. The flip has eaten up 230k and needs another 10k to finish in the next 30-45 days. Floor is going in, paint is mostly done, then trim and doors. Kitchen arriving in 21 days. Hoping to sell the house for 300k. The seller of 22 properties is in a tight spot and needs his properties sold ideally within 60 days. I am wondering if taking such a risk would stretch me really thin or is there a safer approach to take. Out of the 22 properties 8 are rented. My current plan is make a conservative offer, pending financing so that I can get those 8 and have enough cash flow to pay my HELOC while not compromising the flip. Let me know if that is clear enough or if you have any more questions! Thanks!