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Updated about 12 hours ago, 01/04/2025
Should I use a HELOC for first my first flip or find other means?
I'm new to real estate investing and Im looking to flip my first home. I have a relative that has some flipping experience (2 successful flips) kind of mentoring me along. He has used hard money as well as a line of credit from Chase for his homes. My home has an estimated $100,000 or more in equity in it. From what I've learned it seems that a HELOC is probably the easiest way to gain funding but at the same time it comes with risks if the flip isn't successful. I have a decent credit score (740ish) and decent income.
Should I go hard money, HELOC or since I have an LLC, try to get a line of credit?