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Updated over 7 years ago,
HELOC to renovate flip? This a good idea?
What do you think of this?
I have never Invested before but this is my rough plan please critique as brutally honest as possible:
My primary residence is currently worth about $240k, I owe $174k. I was thinking of taking out a home equity line for roughly $40k (if I am able) and putting that together with $30k of my own cash.
Buy something around $50k cash.... use the $20k in renovations with a hope to bring the value up to $125-$150k.
Profit = $50k-$80k
Right? Or is this too simple of a plan?