All Forum Posts by: Evan Wein

Always do the thing now.  No one's paying you to wait.

I don't know the laws specific to VA, so you may want to consult a local lawyer, but that doesn't sound right. Contractor's licenses generally apply to people doing work on property they do not own. If you are flipping a house, presumably you own that home. You may be required to only hire licensed contractors, especially when it comes to plumbing or electric, but that depends on your local code. And then as a homeowner, you may be allowed or not to perform certain work yourself, again especially electric or plumbing, depending on local code.

As far as a general business license, I haven't heard of that being required for real estate investment or flipping, though again I don't know VA. In NY, business licenses are more oriented toward retail or certain services like cutting hair or massage.

At the onset of the relationship, they're usually going to want to see as much as you'll show them, i.e. bank statements, tax returns etc, and they will probably have some type of formal application.  They will want to know what your experience is, as well as properties you own or have flipped.  You'll have a conversation with a salesperson or client relations person and then they'll decide if they want to lend to you in general, and what range they'll willing to lend.  From there, you can present individual deals, and get letters of approval if needed.