All Forum Posts by: Carolyn Boswell

 Thanks!

Hi all, I'm looking for my first flip property in Chicago and ran across a condo with a lot of potential but It's self managed. 

Has anyone ever flipped a self managed condo? Was it hard finding a buyer who could find financing to purchase once it's fully rehabbed?

Any advice would be greatly appreciated.  

Hi all, 

I have a possible seller finance deal in Chicago. I negotiated all the terms and the owner is ready to sign, however, before signing owner is asking me to provide my bank statements and credit score. I already submitted a POF with my seller finance offer but my goal was to assign this deal to one of my cash buyers. Honestly, my credit score and bank statements aren't strong enough to secure the deal. Any advice on how to work this out without scaring the owner?

As long as the business credit cards are in your LLC's name and you use your LLC's name on all of your Purchase & Sale contracts then the properties should only be tied to your LLC.

Are you open to using your personal credit score to get business funding (in the form of credit cards)?

Yes, I'd house hack. Since you have a high credit score think about starting an LLC, if you don't have one already, and apply for business funding in the form of credit cards. Let's say your highest credit card limit is $10K you could be approved for up to 5x that amount and you could use that as a down payment. Also consider using a rehab loan or FHA 203K and maybe purchase a property in a good area that need's some TLC and as long as you buy in a good area you can sell in a few years if you want.