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Updated almost 9 years ago,

User Stats

118
Posts
46
Votes
Rick Turman
Pro Member
  • Flipper/Rehabber
  • findlay, OH
46
Votes |
118
Posts

Going To Make The Leap: Funds Struck Help

Rick Turman
Pro Member
  • Flipper/Rehabber
  • findlay, OH
Posted

It looks like our HELOC option has fallen apart,

To our successful past experienced investors:

What are the other options you have used? I know we are pretty much up against LOC's and or Mortgages at this point. Hard Money Lending may take too long, and I do not have a portfolio for that just yet. If I were to apply for a mortgage, can I use the mortgage to cover the home, and the cost of the repairs affiliated with it? From what I'm reading, others mention that the lender of the mortgage may do an appraisal on the home so that the full value of the home is what determines the price of the mortgage. Please confirm all statements above, and help guide me in the right direction as I am hoping to make the leap into the first deal next week! Thanks so much, and hope to hear from everyone soon!

P.s. At what point do you need to incorporate if you are a flipper. Do you need to at all? If not, how do you account for services and 1099's? Or is it always safe in an LLC or bigger when that time comes?

Thanks!

  • Rick Turman
  • Loading replies...