All Forum Posts by: April Benard

Hi Flippers/Rehabbers.... What are your thoughts on painted cabinets? Should I make the investment for new cabinets or can cabinets be preserved? This project is for a flip.

@Torey Owens I decided to use Mobiloil Credit Union. They financed 90% loan to value. Since this was considered a commercial loan I don't have the best terms but not bad at all. 

4.99% on a 15 year loan with a balloon payment at 5 years. Their process was very simple and expedited.  If the loan is not paid off at year 5 I will refinance. 

Hi Biggerpockets community, I recently sent out a marketing campaign to out of state absentee owners. I have a few raw leads from this campaign. Since the owners are out of state what are my next steps. Ideally I would like to get inside to view and take pictures of the property. Any suggestions?

Someone just suggested https://www.nolo.com/products/texas-residential-lease-noe3-pr417.html in another post. This lease is not free but from a quick overview it seems you can input information you need for your lease and the site will generate a lease that meets all legal requirements based on your State. Hope that helps!

Hi Al, I'm an investor and wholesaler in the Southeast Texas region (Beaumont and surrounding areas). As stated before Texas may be a great location to invest. I'm not sure what you're current business model/ portfolio consist of but I would be interested to hear further details. If interested, let me know and I can email you any potentials deals.

Thanks for the insight. I hadnt considered all of those issues. I will speak with my CPA and assess my structure.

Thanks everyone. @Mohammad Akif @Louis Alvarez @Patrick Liska

Thanks @Patrick Liska

I was thinking I would need to create a second LLC.

Can you please provide some insight on your business setup? I was thinking to have all properties purchased through the first LLC and complete the rehab within this LLC. If I decide that the home would be a flip I would sell the home from LLC 1, however if the property is determined to be a flip, I would transfer the home to LLC 2 (rentals) (with the rental rehab complete).

Are these practical transactions. Am I thinking too much into the process?  

Hi Everyone,

For QuickBooks setup, should I setup a separate company for my rental and flipping business? Both are currently operated within one LLC/Tax ID.

Thanks for this post!

I have contacted Loan Ranger for a potential deal.  Now I feel confident in proceeding!

@Jacob Passmore thanks for the info. I already have the homes insured but for future rentals I will definitely need a quote.  Would you be able to insure outside of Houston (Beaumont, Port Arthur, Orange area (mainly Beaumont)?