All Forum Posts by: Account Closed

@Cynthia Rathbone Everything the gurus teach you will be found on Bigger Pockets. If you're worried about getting a $750k prequal letter, any hard money lender can provide you with something similar. Read the guides here on BP and use your 30k on an actual purchase.

Depending on how much you have, hard money is probably your best bet. If you've got enough to put 10-20% down plus rehab costs then hard money is the way to start. It's easy to find and if you find a good enough deal you'll be able to roll the profit over into your next two deals after. Then you can keep growing. Starting and getting that first deal financed is the hardest. 

That answers all my questions! Thanks so much for BreAnn Stephenson!

Hey BreAnn,

I guess I'm just talking about a policy to protect myself in a lawsuit from someone I sell a house to or a tenant  

So I have an LLC for all my flips. I plan on doing some eventual buy and holds as well. Should I have an umbrella insurance policy? What kind of protection do flippers here on BP have?

Thanks everyone for the responses! That gives me a good idea of what I need to do.

I was wondering what my title should be registered as in a single person LLC? As of now I registered myself as "Owner" with the state. But after listening to Podcast 105 on asset protection I'm thinking it's better to "control" the LLC rather than "own". For legal purposes if I get sued for something outside of my LLC, would they be able to come after my LLC since I own it? Would love to hear an attorney or anyone else with some advice.

@Ben Leybovich I understand the spreads aren't as good as say investing 100k in a multi family but those just don't exist out here in Vegas. You're looking at least spending 200k to get a decent one. So in this situation I'm getting a house for 100k thats worth 130-135k and is ready to rent or be flipped. My thinking is maybe sit on it for a few years and hopefully have some cash flow and appreciation. I would already have created a bit of equity getting a good deal on it. But this is only if I don't have to put any money down with a private investor. If I have to put money down then I'm just gonna flip it.

Out in here Vegas that is a really good return for a SFR. An average home in a good area out here sells for 200k and rents for 1200...

 Great point! That's something I hadn't considered. It makes sense the reason most people get 15 year from the bank is for the lower interest rate. So if I'm getting the same rate I should just get the 30 and pay more if I choose to.