Updated over 5 years ago on . Most recent reply
Using multiple Lines of credit for renovating
Hey everyone, I was talking to a local investor and he suggested I open multiple LOC's before building my investment portfolio so I have access to money for renovations with properties in the future. He suggested doing it all in one day to prevent them from seeing it on my record. I think its a great idea (if its legal) so I don't have to source out private money for the smaller projects. What my concern is, is that if I have four or five LOC's open and have access to that money, would an A lender give me mortgages? They might be worried I could rack those LOC's up at any given time. I'm thinking 35-50k in unsecured LOC's.