An appraisal is the only thing you should ever pay for before you close the loan.4) After the appraisal comes back you will get a document that outlines the amount to be borrowed and all fees that will be relating to the loan (I would suggest to ask for an example of this document when you are searching for an HML so you will know what fees are going to show up).5) Close the loan with title company, typically chosen by the seller 6) Begin work and make draws on any repair balance.

An appraisal is the only thing you should ever pay for before you close the loan.4) After the appraisal comes back you will get a document that outlines the amount to be borrowed and all fees that will be relating to the loan (I would suggest to ask for an example of this document when you are searching for an HML so you will know what fees are going to show up).5) Close the loan with title company, typically chosen by the seller 6) Begin work and make draws on any repair balance.

Hi @Matthew Crivelli - when you say 'Cash' did you mean cash in the borrowers bank account?

Just keep in mind it is 1 FHA loan per borrower, so you will need to refinance out of it in order to use the program again.Good luck!

The overall cost of the house will determine the down payment and in turn affect how many you can buy (along with your borrowing limit), but there is more to it than that. 

People are welcome to invest, but I won't borrow.

Because that will make a huge difference when borrowing money. 

We're founding members of the National Private Lenders Association and we do lending for Brandon Turner and have a huge national network of borrowers.

We wanted to go into our first purchase with an X amount in hand (which we don't have) and pretty much wanted to know the best route to get that X amount...do we just go to a bank and say here's our financial statement, what can we borrow?

DavisThe HML simply does not know what they are doing.The LLC is the borrower.