All Forum Posts by: Mary K.

@Antreet Connor I would get an inspection too for 2 reasons:

1. Inspector is an unbiased 3rd party opinion.

2. Inspector can shed light on some things a GC has no idea about. ie item needs to be fixed should your buyer be FHA etc.

Hope that helps! 

@matthew

You should have no problem getting a loc. SunTrust does lightstream loans (locs) and I was approved for a shockingly high amount. I opted instead to go with a HELOC because the rates are lower. I don't own the property outright that I have a HELOC on so you might want that option open.

@Matthew Banks Hey Matt!

I have found banks are ok with LOCs as long as you have great credit and an income to support your debt to income ratio. Before preparing your packet, I recommend you meet with a few banks and get their criteria. I would always be open with what you plan on doing with the money.

Related, do you already have assets? House, 401k, IRA etc. LOCs are generally cheaper when they are against a hard asset or an existing account. Lots of options if you have any of those.

Hope that helps!

@Edith Alvarado de Cortez

Thanks Edith!

Have you dealt with Garrett Sutton with Corporate Direct in Wyoming? 

@Aaron K. Thanks for the reply Aaron!

I will look in the foreign file process.

Hey @Vaughn Johnson! Welcome :)

PG is a great location for flipping. 

Check out 123flip.com. A well known BP member is the creator of that site.

Hi, 

I am doing a long distance fix and flip in a different state than the one I live in. I plan to purchase the property through an LLC and am wondering if it matters which state I create it in. She is in construction and will be paying for the repairs via her own business LLC so we will not be exchanging funds during the flip.

A quick google search says Wyoming has a lot of advantages.... wondering what BP folks think.

@Gregory Cudzilo There are a lot of debbie downers out there. I think they just like to hear themselves blab instead of stating that they don't know the answer to your question. 

Really I think it's all about strategy and finding a system that works for you. You should go to as many meet ups as you can. Reach out to BP members too and ask them what they are investing in now. 

@Jeff Johnson Gemini Title

@Benjamin D Powell

What about a HELOC? Penfed and others do them on investment props up to 80% LTV.