If I buy a property from a wholesaler for cash can I turn around and take out a home equity loan to fund the repairs? For example if I have 50K cash and buy a property for 45K can I turn around and take out a home equity loan for 30k to pay for the repairs? Would this be preferable to using a hard money lender to finance the property and using my cash for the repairs?
Any advice or opinions are appreciated. Thank you.