Hi Bigger Pockets Community! We bought a piece of lakefront property, cleared it, cleaned it up, and made a pretty good profit off of it. Now that I know more about Capital Gains tax we just bought another piece of lakefront property under our LLC (we are licensed contractors). After we sell this one we should have about $50,000 or so to invest on our next project. We are working on building up funds through flipping. Just seems to make sense, since I am a licensed contractor and Realtor. Eventually, my husband and I will get into multi family investing for long term investments.
Since $50,000 isn't enough to buy and rehab a home in my area (or most areas) I'm thinking about working with LendingOne on financing.
Does anyone have experience working with them?
That's a great strategy and exactly how I got my business started, good luck to you!
I do not have any experience with them, but I have used Do Hard Money in the past when I was just getting started. They do a great job of making sure your flip is going to be profitable and they will also help you manage your flip throughout the process. I will say they are expensive though, and really hit you with fees upon origination.
I also have experience with Finance of America once I had some cash. They were able to get me a line of credit so I could do more and more flips without the hassle of closing on each loan. I would highly recommend them.
I know that wasn't your question, but thought I'd give you some more options.
Best of luck,
Love the info! Thank you!
Hey @Kelly Ellis ! Good luck on your first house flip! If you want to consider multiple HMLs, I would love to have a chat with you just so you can see what your other options are! Feel free to connect with me if you're interested in learning more about the programs we offer, and hopefully you can figure out how to best finance your flip.