Posted by Brent_IL on September 24, 2003 at 24:06:09:
I would go with hard money all the way. Exact profit is never certain until you are completely out of the deal.
My reasoning is that because you’re asking for opinion, you probably don’t do a lot of these and are uncertain of the outcome. If things mess up, and you use all hard money, you might have to dump the house, but after that it is the lender’s problem. That’s why we pay the high rates to a HML. If you would use a HELOC for partial funding, you’ve increased the HML’s chance of getting paid. He?s happy, but you’re stuck with paying for an expensive seminar.