Using a HELOC to Flip - How does it work?

[Frank S.]

A local credit union has approved us for a 100% LTV HELOC on my primary residence. I will be able to access a line of credit of approximately $130,000 (Which will be more than enough for flips im looking at).

I guess my question is how the whole process works? How do I take the money out of the home equity line of credit to pay for the house I want to buy? Do I write myself a check or something? 

Also, when I need money to rehab the house, can I just access the line of credit whenever I want without being questioned by anyone from the Credit Union?

Really just trying to get insight on how the HELOC works. Thanks in advance!

[Joe Homs]

Frank S. If you are getting 100% LTV on you home via a HELOC then send me the bank info as I want in.
As for your questions, yes they should give you a checkbook to access the funds. You can use this to pay for the rehab and to make purchase of home I would just wire the funds directly from the bank into escrow.

Good investing.