Updated about 11 years ago on . Most recent reply
Using House Flipping Profits to get a Loan
Hello, I have just started flipping houses out here in Oregon. I have successfully rehabbed 3 homes, all of which were sold at a profit. To purchase these homes I have been using a partner who is willing to use his credentials ie. employment history, W-2's, Income, ect. for a percent of the profits, because I am unemployed and make ends meet solely through investing. My question is, how do I go about using my profits from house flipping to create a spiffy resume for banks to lend on? My goal is to no longer depend on my partner to get loans for me. I have created an LLC and have been using a business checking to channel my profits through. Now what is my next step to be able to prove that I am self employment and have income to the banks? All advice is greatly appreciated, thanks.