Financing a Renovation

[Cian R.]

I’m looking for creative, low cost, ways to finance a renovation. Fortunately I purchased my four-family property all cash, but now I’ve very little left over for the renovation. I was considering the below strategy and would love to hear your thoughts:

• Home Equity Line of Credit ("HELOC") to pay the monthly construction bills
• Credit cards with a 0% APR for 12+ months
• Once the renovation is complete, take out a 30-year mortgage based on the post-renovation value and use the proceeds to pay off the HELOC and credit cards

What are your thoughts? Is there an issue with this strategy that I’m missing?