How to buy and Refi in LLC

[Shawn Gardner]

My partner and I recently finished and waiting to close on our first flip and we're now looking to BRRRR as well as flip more property. My question is How and what do you need to purchase and refi in LLC name?

[Stephanie P.]

@Shawn Gardner

Here's your list:

LLC docs including certificate of good standing, articles of incorporation, operating agreement, W9, EIN letter

If it's a refinance after you've done the rehab, make sure the property is stabilized (rented and all construction is done) and make sure you've gone through the requisite seasoning period on title.  Usually 6 months, sometimes 3.

Have good credit or make sure the primary partner on the LLC (more than an 80% partner) has the best credit

Get the contact name and information for your hazard insurance company handy.

Use the same title company you just closed with and ask for a break on the title insurance (ask for a reissue rate). Have your HUD from the purchase ready on submission.

Pay any payments to the new lender on time and use a check or some other form of verifiable source for mortgage history.

Use a general contractor for repairs to the property and make sure you keep a list of what repairs have been completed.

Cash for reserves

That should get you going.

Stephanie