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Updated over 7 years ago,

User Stats

104
Posts
19
Votes
Vincent Plant
  • West Chester , PA
19
Votes |
104
Posts

HELOC to renovate flip? This a good idea?

Vincent Plant
  • West Chester , PA
Posted
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?

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