HELOC for quick closing

[Jonathan Roveto]

Hi all, I have probably $90k in equity in my main residence, and I want to start buying and flipping/reselling/renting new properties. I already own 4 other properties as buy/hold, but I'd like to quit my W-2 job and get into flipping because I'd rather be out on a site than sitting on my butt on a computer at my current job all day :).

With that said, how are my prospects on getting a HELOC and using those funds to buy properties? I've never done a HELOC. Can you write a check and do a normal closing under this scheme? I'm not concerned with the risk because I have funds available elsewhere to easily cover things if crap hits the fan, but I'd rather not use them/they would require selling things I'd rather not.

[Moncy Samuel]

Since you are from Marietta, ga Fidelity bank (lion bank) in Georgia is good for HELOC.

I suggest to take up to 75% as the rate may be better.