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Updated over 7 years ago on . Most recent reply
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Flipping Homes using a heloc
Hi,I am a remodeling contractor in the northern virginia area.I have been wanting to flip properties for a few years now and been thinking of using a Heloc on my personal property .I would like to get some feed back on your thoughts on this process ,as well as the pros and cons.I have been a contractor for 30 years and been thinking of shifting over into the home flipping business.I also hold a realtors license as well.Thanks for your time in advance
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@Stephanie P., I have a HELOC and didn't know that a lender could 'shut down your HELOC' if they so desired - is that really a thing? I also disagree that you should pay off your personal home first. I wouldn't have been able to get into flipping if I didn't have that equity to use. We've flipped 7 houses in 2017 and using a HELOC was our launch pad. I don't think you should be overleveraged at any point, but I also don't think you should pay off your mortgage and let that equity go unused either.
Good luck @Elias Fahel!