All Forum Posts by: Ladd Krestan

Ok im going to try to make this simple.

If i have an LLC with partners, when we try to get a mortgage for say a duplex will the lender look at all of our incomes? If one of them is not employed at the moment would that become an issue if the other partners have credentials needed for a mortgage?

Thanks in advance

@Rich Lopes done! Thanks for reminder!

@Sean Blomquist thanks alot that definetly clearifys and makes sense. Appreciate it!

@Erik Whiting thanks that makes good sense! CYA.

Hi all, posted this question on the diy page and got nothin.

Question is does anyone have experience in running rehab numbers to the hard money or private lenders that have had discrepancies? Im doing my own rehab all of it my self and wondered if i submit numbers to hard money underwriters i assume they would run numbers based on a contractor doing the work which im assuming would be higher than mine making the deal maybe not so good in their eyes. Im wondering if i should get numbers from my contractor friends and just use those and if i do it cheaper im ahead of the game on my budget. Making it appealing to the hard money lender.

Any input would be appreciated

@Shane W. Chapin Congrats Man! Im in the midst of my first one right now in Ohio. Looking forward to getting the first one under my belt as well! Thanks for you service man! And good luck in the future!

Ron do you have your meetup every month? Im out of town but was wondering how often you have the meetup

Thanks Ladd

Doing my own work on my flip and looking into hard money to fund. My understanding is they are obviously getting their own appraisal and running rehab numbers in comparison to mine. That said, my numbers would more than likely be less than theirs because im “assuming” they are considering the work is being done by a contractor? my numbers are gonna be lower since im getting alot of material wholesale and doing majority of work myself. Has anyone had experience in this situation? Would they dispute my budget? If so should i get numbers from contractors i know and use those numbers for my budget knowing i will be to the good on the budget doing everything myself?

Appreciate any input

Thanks

@Ian Middleton i agree! Ive been in the floorcovering buisness for 25 year and ive seen alot of rental units. Im actually doing the same in my rental im rehabbing right now. Highly recommend! But make sure you put a few boxes away for what i call “closet stock” so you can make repairs in the future when you need too. manufacturers are always dropping and adding lines and styles so i may not be available in a year or 2.