All Forum Posts by: Dennis Tynan

I don't know how it is everywhere but here a homeowner can get the required permit to do their own work on their house without a contractor, I guess I'll have to see how the village views it if owned by an llc.  

Starting an llc in Illinois to get hard money loan and flip houses.  Is there any reason to not have the purposes on article of organization be both general contracting and property investing?  Name of the company would have the word "contracting" in the title.  The llc would own the property and I would be the general contractor and also perform general carpentry.   Do most hard money lenders prefer a contractor be involved?  Thanks. 

I recently rehabbed my first house, I'm living in the house, after purchase, rehab and cash out refi to pay off credit cards used to finish the rehab I owe around 170k and house is valued around 210k.  Since I took max cash out on the refi last year I don't believe this is an option for cash to start on another flip and would rather not sell this house if I can get a hard money loan.  I only have about 4k cash on hand, and about 10k available credit on cards which I could use to get the rehab started and get to the first draw.  

Is it realistic that with limited experience and no actual sold properties that I can find a hard money loan with very little cash down?

I completed some online applications one came back unlikely because of experience and others would require around 15k cash. 

How much cash did you start out with? 

In my area I could get a property for 130k, rehab for 30k and sell around 200k  

I could easily get a 20k personal loan to get started but this might affect my credit and chances of getting a hard money loan. 

Also a couple of the hard money lender sites wont let me complete the application without entering my company.  Do many hard money lenders only lend to businesses, should I start a company?

Thanks