All Forum Posts by: Paula Gayle

Hi,

It has been an exciting journey doing the research before purchasing my first fix and flip property. I’m happy to announce that I’ve now received pre-approval for my loan and I’m at the point where I’m going to start looking at houses. I’m also saving towards my down payment of 20%.

However, there is still one area that I need help in and that is, securing funding to complete the rehab. I’ve seen where it has been mentioned about private lenders (hard-money) but I still would like some additional insights in how to qualify for one of those loans.

My other option is to take out a HELOC on my primary residence but I prefer not to do so unless it's absolutely necessary. The HELOC would also increase my debt to income ratio.

Do you have any suggestions on how to fund the rehab, once I purchase a property?

Thank you,

Paula

Thank you for the input. 

I'll sure look into the umbrella policy for landlords if I have to rent out any of my properties prior to forming a legal entity. 

Another advantage of having the legal entity is that it would look professional on a business card.  Do you have any insights on designing a business card or a website prior to forming the legal entity?

Paula

Janine,

I'll sure look into the umbrella policy for landlords if I have to rent out any of my properties prior to forming a legal entity. 

Thank for the reply!

Paula

Brandt,

Thank you for the response! As I'm conducting more research,  I believe it's best to start off without forming a legal entity until I secure sufficient funding.  I'm planning on starting off flipping a few homes before investing into MF. Once I'm ready to go that route,  I'll form a legal entity to help with the protection from liabilities. 

Paula

Hello, I'm Paula and I've been interested in real estate for quite some time now and I'm ready to make that next step.

Throughout my research, I did not come across any information suggesting whether or not a real estate investor should form a business entity, such as a LLC or a S-corp.

I may have to get financing for my first property so I was considering holding off on forming a business entity for my real estate business.

What are your thoughts on forming a business entity for a beginner in real estate investment?

Thank you,

Paula