All Forum Posts by: Kadisha Ledford

@Samuel Bavido that is definitely something I haven’t considered and a very good idea. The money is important but I’m more interested in the experience and understanding the process. 

@Brian Pulaski No worries, I will look into it and sounds more in my price range, but I will consider both. Thank you!!

@Caleb Heimsoth That’s something to consider and more timely. Thank you! 

@Christi Hawkins I don't believe so, at least not with the HML's that I've spoken with. I was informed that they will only lend to someone who has an LLC already established. I'm guessing for liability purposes. I'm sure someone will correct us if we're wrong. Lol.

@Rick Santasiere That sounds great! It would be nice to pick the brain of someone who knows my area and understands more about ‘fix and flips’ than just the idea. Thank you so much! 

@Brian 

@Brian Pulaski, I have looked into getting an LLC. My reservations with this is the fact that it can take som time, from my understanding (I could be wrong). Ive read that you can get one on Legalzoom.com but I'm not sure how legit that is. In your opinion Do you think Lefalzoom.com would be a legitimate way to form an LLC or should I just go through an attorney? Also, something else that's a roadblock is that if I do decide to go th HML route, then my brother would have to be a partner in order to co-sign the HML (again, I could be wrong). Dissolution? Honestly, I've never heard of that and have never seen it mentioned in the forums that I've read. That's great advice and it gives me something else to read up on! Thank you !!

Hi @Karen Margrave thanks for that. I can understand why a lender would be hesitant to lend to a novice. I can also understand why they would require all that they would require. Nonetheless, I do believe that there is a way to get this done in a way that suits my situation, that is reasonable, realistic for me, and that will give me the end result that I am planning for. I do know that with this being my first rehab,it’s a gamble. However, you can’t gain experience if you don’t make that leap. I don’t know if you can learn from others experience without having experienced it for yourself. You can prepare and be aware but idk if you can learn and understand ( I’m sure other people disagree lol). I will most certainly take precautions during this whole process and try my best to cover my bases by continuing to ask the necessary questions. Thank you so much Karen !! 

Hi! I know this may sound like a complete newbie question but I really need help. I want to ‘fix and flip' a property but I'm not sure what borrowing route is the best to take. My credit isn't that great, and my brother is willing to co-sign a loan with me however, all the hard money lenders I speak with don't lend to individuals, only LLC's. Is there any way to get around this? Possibly with another type of loan program? I know of 203k loan but if I'm not mistaken those types of loans require the owner to occupy the property for a period of time which I would not want to do. Lastly, If the lender requires a down payment would it be wise to borrow the money for the down payment in addition to the loan for the property?