All Forum Posts by: Nillion Lambert

Not offensive at all @Joe Won. I have much thicker skin than that to offend me. Anyway, I am a beginner and have exhausted every means of disposable income to "gurus" and marketing. So no, I do not have enough funds for an EMD. Will I allow that to stop me...NOT at all. I inquired because I believe there's a resource that exists or there's a creative way to get this done. This is why I am reaching out to BP. I will wholesale and continue to work hard for my breakthrough and future success in this business. What one person won't do, someone will. I just have to find the right person to believe in me.

Thanks for your immediate response @Christopher Giannino. To clarify, I am wholesaling MLS properties that require an EMD. Although small compared to other figures I've heard about (10%), I do not have the funds to do so. My goal was to wholesale to build capital for flips or buy&holds. Basically, I did not want the lack of money to be an excuse for getting started. Now that I have a foot in the door, I am finding it difficult to move pass securing the deal. Negotiating the purchase price, has led to higher EMDs and fewer inspection days. An EMD of $100 has always been in my contracts. I'm not sure if a private money lender would be my answer, but any creative ideas would help.

Hello BP,

I am reaching out to inquire about EMD lending. Are there private money lenders who fund EMDs only? Trying to research available options where the effort exists, offers are being accepted, but the credit situation isn't the best. I have 4 offers I can move on right now but I do not have the funds for a "required" EMD. I do not have family or friends that could help (already exhausted that possibility) and I have a PT job that will take some time to accumulate the funds. Any advice would be deeply appreciated.

Thanks In Advance,

Thanks @Lance Pualani. I know this post is old but this is EXACTLY what I wanted to ask and what I've been looking for. I am trying this strategy as I am new and have been struggling with capital/funding. I have all my ducks in a row with the exception of an EMD. I will make sure to do so.

To all: Can an EMD verification be money deposited into your business bank account via cash/cashier's check and pictures/copies of your bank statement?

Thanks All. I know this is a really old post, but I've been searching for an answer. The agents are requesting EMD on all the offers. Can't wait until I have enough capital to do "off market" deals.

Thanks @Bill Hampton. It's time to get my feet wet and my hands dirty lol

I did @Brian Pendergraft and thanks so much! I've been educating myself for awhile now and figured I needed to jump right in. Cheers to new beginnings!

Thanks so much Sean @Sean M.. I really appreciate your feedback and help!

This post is exactly what I have been looking for :-)

Hello BP! I know this thread is a bit old but I have additional questions regarding it and can't find them in any other posts. What should I choose for tax purposes or how should my LLC be setup? I am a single member LLC that plans to wholesale and fix and flip. Please see the options below. Thanks in advance for all of your help.

- Sales and Use Tax

- Use Tax Payment Only

- Employer Withholding Tax Account

- Unemployment Insurance

- Transient Vendor License

As I was applying for an EIN, the below options appeared. Which should I select from the highlighted options? My initial thought was for banking purposes only, but I see many private lenders/hard money lenders require it and I don't know if that changes anything...