All Forum Posts by: Derrick Claywell

Hi all!

It's been awhile since I have posted, things in life got kind of crazy for awhile. I had some promising leads, but due to my personal credit, they didn't work out. I've taken big steps to fix this, but long story short, due to divorce I had to file chapter 7 for a clean slate.

My question is, keeping in mind my recent chapter 7, what would be a good route to take for starting a business dedicated to fix and flip and BRRR? I want to form my LLC within the next couple of months, and I want to have my business accounts separate from personal and operate out of my business accounts. In my research, I've seen NET 30 LOCs, business

credit cards and business LOCs as options. I know I won't be getting a LOC right off the bat- I was thinking of starting with NET30, then CC, the. Unsecured LOC after a year or so and a couple deals under the belt in the LLC's name.

Since my Chapter 7, I have a new car loan and was approved for an unsecured CC of $500 limit, and they stated my EX score was 731.

I want to do things right from the start so my business credit is good and separated from my personal from the start. Any help is appreciated!

Thank you!

Derrick

I’ll be posting updates for sure Konstantin! I may need a contractor in the area, but I’m going to check with family connections first and I’ll go from there! Thanks for the support!

Thanks for the confidence Paul! Currently I’m stationed in Florida with the Navy, but I’m from Dayton and my family is still up there, which is what I’m leaning on to make this deal happen. I think it would be great to connect, as I plan to either do more flips in Dayton, or purchase rentals later on in the area as well.

Thank you Jim! After walking through the house, we see one or two bigger ticket items that need addressed. However, i can still swing this with my rehab budget, and even selling for 160k, I’d make a decently big profit in my eyes for a first flip.

Thanks Alyssa! I’m from the Dayton area, and my family all lives up there. My mother is being my boots on the ground for this one, and she’s pretty confident in selling for 165-180k with this square footage and area. Fingers crossed!

Well, I'm basing this ARV on the average sold price per sq foot for the Englewood zip code. Listing at 180k and selling at 180k are 2 very different things, but I'm staying optimistic!

Hi everyone!

I have to get my excitement out somewhere, so why not the Bigger Pockets community?

I am starting my first investment purchase, in Englewood, Ohio- which is in the greater Dayton area. It is a 2532 sqft 4/3, being sold to settle an estate for $99,900. I will be offering $89,900 with intent to lay new laminate flooring down because the house has three different types of flooring laid, and it all looks pretty old. That's all the house needs, and my realtor suggests selling it for $180,000 after I get the new flooring installed. Here's to hoping everything works out!

Thank you all for the great reading and research material- I never would have found this home or a lender willing to work with me and my bad credit without it!

Derrick