All Forum Posts by: Joy Jones

Purchase the property from my LLC, so that the HML initial flip loan will be repaid-if in fact we decide to move in it?

Thank you again!!

Yes that was my question, AFTER I complete the flip work the HML, ready to sell, I would purchase using my personal name with a traditional bank loan..my family is expanding and it's possible at that time I might be ready to move..so this process can work?

Hello BP, Had a question if you use HML to buy a flip in your LLC, and decide to keep if for yourself later, can you buy from yoIr LLC with traditional bank loan? I had a friend actually keep his flip for his primary residence as his wife fell in love with the property and they had a baby on the way-however he used his own money to flip so he didn’t have to pay back a HML. Thank so much!

@Joy Jones Thank you all. As much as I would like to hold it due to the land space, I think I’m going to just walk away! Thank you all I love BP family, helping each other make informed decisions.

Hello BP family--HELP! I have an opportunity to purchase this home from a family frIend that has it now as a vacant rental and doesnt want the headache as hOUSE NEEDS EXTENSIVE RENOVATIONS. The house has DOES HAVE good bones, A-neighborhood with close to 2 acres land space. Here is the dilemma: 1. It’s a 2 bedroom (too small for my family to lIve in or house hack RIGHT NOW) 2. the seller owes more mortgage than the house IS worth to purchase and flip (70% rule) 3. The comps in the area are lower than the ARV NOW. BUT I WOULD KEEP IT FOR MY PRIMARY RESIDENCE, AS THE LAND SPACE AND LOCATION IS GOOD AND WITH TIME MY CONSTRUCTION COMPANY CAN FIX IT SLOWLY. PLEASE ANY HELP TO STRATEGIZE THIS WOULD BE HELPFUL. (MY KEYPAD IS STUCK ON CAPS SORRY)

Thank you, I sent you a PM.

Thanks for responding Dan. I have a cpa I used for personal tax’s for years-but his information seems inconsistant with info on BP for flips.

I will flip in central NJ (Piscataway etc) and later South Jersey.

Hey BP, I’ve done an extensive amount of research before starting my first flip-does Anyone have a reliable title Company, attorney and cpa for Your flips? Any and all information is appreciated.

@Asia Callier Hey I saw you was waiting for an evaluation from DoHardMoney..did you get it. I’m close to doing the $3k with them, but like others want to make sure my deal get funded. Any and all info would be appreciated.