All Forum Posts by: Nicole Wood

We don't have much money at all right now and I cannot get a loan due to two newer large loans for my personal vehicle and my home. I wanted to get a duplex in town but I couldn't get a loan for the 8-9000 I would need for money down, closing, taxes, and a small amount for rehab. This initially was my plan to start with. This flip is only 1000 down and 550 a month so it is in my price range at this time. 

I did the flip analysis and we have the potential to make 20000. I also figure if it doesn't sell somewhat quickly we could rent it and just go that route.

My sister and are just starting in rei. We found a good deal for a flip in our area. We are afraid of the risk...as I am sure most people are to start with. We are just wondering what is easier to start with? Flipping or rentals. We figure flip save invest in another property or two depending on profits. 

 So that's why my porch ceiling is blue. Awesome fact!!!

I am thinking of forming an LLC. My sister and I are trying to get into REI. We want to do small rentals (multifamily homes) and flipping as well. We are in upsate New York. I am hoping an LLC will help with loans. My credit is 649 and hers is poor. Apparently I have a high DTI ratio due to having a care loan and a home loan that are pretty new. We have found two deals we are looking into and want to get started but have yet to secure financing for deals. Will an LLC help with that? Is there another type of business we should form such as a corporation, etc? I know where I want to go with this business but getting my foot in the door is proving difficult.

I also need a money lender for a duplex in new york state. My credit is around 649. The rent will support the payment on the debt. It is not currently rented because current owner doesn't wish to rent until they sell. I don't have much of anything to put down. I am trying to get my foot in the door.

will they finance rentals? I would like to flip as well so I could start there.

I am new to this and am wondering what the best way to go about loans is? I own a home through USDA so do not qualify for those type loans nor the FHA loans. I attempted a personal loan to start out with a down payment on a multifamily unit I was looking into...they said because I have a home loan and a car loan they were not able to help me. I could try for an equity loan but not sure how much equity I would have because I bought the home just two years ago in February. I have put work into it but some still needs finishing. I guess my question is what other kind of loans are out there? Should I form an LLC and apply for a business loan? Any suggestions would be appreciated.