All Forum Posts by: Scott H.

I have a few questions about what my next move should be so here's what I have going right now.

I did my first flip last year, did all work myself and plan on doing for the next few houses. The flip was a success and sold in a month. I have a career job so I have separate income  as well. I just bought my second house a few months ago and now live in it with 2 buddies that pay me rent which pays the mortgage, so all is well. My original plan was to just fix up this house and resell it but my realtor is a family friend that was able to get me a very good deal on it with minimal work that needs to be done, in an area that is going up in value. I'm getting married next year so I plan on moving in with my fiancé at her place before that time. So I decided to just hang on to that house since I'm not technically paying the mortgage, slowly renovate it and then sell it in a year or two. My goal is to keep flipping houses and start a business while sitting on that property but I'm unclear how to go about it.

Do I need to get an LLC for the business and deed that property to the business so I can have my name clear and continue flipping or what's the best strategy for me right now? I have 3k in savings and I'm also paying off any bills I have meanwhile. Thanks

Thanks Derek. I don't see the 90 day rule being much of a problem for me because I'm planning on taking that long to rehab it anyway. I just wasn't 100% sure that I was able to do with it as I please after that time period if I was using a conventional loan. Thanks again.

Hi everyone,

I don't fully understand how it works with flipping Fannie Mae Homepath properties. I'm looking at one right now in Illinois and would go with a conventional loan. I understand the 90 day rule but other than that do I have anything else to worry about once that time frame is up? Am I free and clear of the restrictions after the 90 days?