All Forum Posts by: DeMarrius Payne

Yes I told him I've been researching and building my knowledge for a year and a half. He said that gives him red flags because I'm waiting so long to pull the trigger haha. Studying so I'm sure I'm ready to invest shouldn't be a red flag. That's when I knew I wasn't going with them.

Nevermind, I just got off the phone with them. After I showed up some skepticism, he told me we're wasting his time. Doesn't feel like a business partner to me. 

Brian Barnes you have an update on this?

I am needing help finding financing for my first flip. I am most likely looking to do hard money. I have about $10k that I will borrow from my 401k. With the lenders in my area, I'm not sure if that'll be enough to cover fees. Any suggestions on lenders who will take smaller down payments? Also, how do you guys feel about taking out a small business loan to help finance the flip. Essentially borrowing the money from a bank is the same as borrowing from another person. Just pay the bank back after the house sell, right?

Thanks Linda DellaRipa I'm glad other people are using this method. It seems safe to me since you are essentially paying yourself back instead of a bank. I used a 401k in the past and paid it back in about 10 months. It was so simple I didn't even realize I had paid it off.

Jack Middleton thanks, autocorrect tends to get everyone at some point haha. Thanks for your input.

What are your thoughts on borrowing from 401k to fund first deal? Im still young so long term retirement is not a focus of mine right now. Besides, I would rather invest in real estate for retirement. My thoughts right now is to borrow from 401k to cover costs with a hard money lender. Your thoughts?

Bump

awesome! I was just searching BP forums for something like this! 

For me, I am setting up an LLC first. I want to invest in rehabs and can't get hard money unless it's under an LLC.