Lets hear it from the experts...

[Veronica Helms]

Good morning, So I want to hear it from the Pros. As an aspiring flipper I have been asking people that are pretty much in my same position any advice or resources that they have been able to use this far. A lot of them say that lenders do not want to lend to anybody without an LLC, but then again I've heard others say that that's not so much true. What I want to know is this: Lenders, what exactly do you want from "me" as a potential borrower for a fix and flip? Other flippers, what exactly did you get or need in order to start flipping? Did you need any special licenses? Did you need any proof of funds? Did you need to have your contractors lined up? Many of these questions I have researched and answer for myself but I just want to doublecheck before I really dive headfirst into this market! I'm so thankful for the many networking meet ups that I have been able to attend which have answered some questions but still have others that need more clarification. In the Charlotte, Belmont, Gastonia, Mount Holly, Huntersville, Mecklenburg, Gaston county, North Carolina areas! Thanks so much!

[Don Harris]

Hi @veronica , Lenders cannot lend to you individually for a flip without subjection to Dodd Frank. No one is going to do it, thus the need for an LLC. It then becomes a "commercial loan" not subject to DF.

What you need to start flipping is a killer deal, accurate rehab estimate, positive proof ARV and evidence of funds for your portion of the transaction. Lack of experience can be mitigated with more cash on your end and an experienced contractor on your team.

If you haven't done so already , I recommend both of @J Scot's books, "The Book on Flipping Houses" and "The Book on Estimating Rehab Costs" available on BP.

http://get.biggerpockets.com/flippingbook/

If you think you have found a deal, lock it up with a financing contingency, if your lender doesn't think you have a deal then you have a legit out.