All Forum Posts by: Account Closed

It's definitely recommended to have separate accounts.

 The Natives travel b4 Memorial and after Labor Day and spend our summers upta camp!

Welcome to Maine! I hope the townies weren't too rough on you! Happy Investing! 

Use the find a lender option here on BP. Some PMB are not well versed in more nuanced types of lending scenarios. Also be sure you know what their commission is upfront. 

I would advise you to network with experienced flippers thru REI clubs and Meetups to see the realities of what it takes to execute a flip successfully. It's not only the rehab but the ability to market and sell the property before the balloon payment comes due. Flipping sounds like the easiest entry into real estate investing but from what I have seen it has the most pitfalls for a new investor.

As some have said there needs to be rental history for DSCR. BRRR seems a better option since you want to hold the property long term. If you can provide a few more details via PM I can pre-vet your loan to a few of my lending partners for free.

Your investment objectives determine your loan type. Fix n flip is a quick turnaround interest only loan for a term of 6 to 24 months The BRRR method is used for buy, rehab, rent and repeat with a more conventional mortgage structure. Do you want to be a landlord investor? Or is the idea of a purchase to rehab and sell more appealing?

If you plan on using private money funding you'll need a licensed contractors bid to get the loan.

Apply for a credit card at your local Home Depot or Lowes. Both are offering 0% APR for 12 months in my area. Charge what you need but be sure and pay it off before the introductory rate expires.

Have you thought about "house hacking" using an FHA loan? 3.5% down and you can purchase something with up to 4 units Flipping is risky if you don't have a firm understanding of the costs involved. Overruns are common. Plus house hacking means you pay a minimum amount of your own housing and the rents pay the mortgage. It's a good way to get started.