All Forum Posts by: Lalainya Rawlings

Thank you for the reply @Amberly Jones! 

@Eamonn McElroy Thank you so much for the reply; it gives us a good starting point for speaking with a professional to work out the details further.

Thank you so much @Forrest Faulconer and @Kyle J.! That's very helpful. We will check out the post :)

Lily has a house worth 600k with no mortgage. Will a bank lend Lily the full 80% in a HELOC, or cap the limit? Will Lily's DTI affect how big the credit line is?

Thank you!

How is capital/profit moved to and from an investor to a business? Person X wants to invest in Flipping LLC. Can they simply wire 100k to the business account?

Can the business account wire 110k to person X when the project is over? Does person X need a legal structure? Are there tax or reporting issues with transferring large sums of money between an investor and a business?

Thank you!

Thank you so much, Nicholas! That is the clear, logical answer I have scoured Google for. 

Hello all! 

My wife and I completed our first flip (just before Covid hit **whew**) but we held the house across the new year. So, 2019 is nothing but expenses. How should we itemize expenses for 2019 while protecting ourselves from 2020 showing a large gain?

Always excellent advice, thank you @Nghi Le!

Thanks guys for the info! @Nghi Le The plan was to buy the property as a primary residence; thanks for alerting me to the stipulations surrounding that option with HML (Eastside Funding is the lender for that). Do you happen to know if it's the same case if the purchase is a multifamily unit? Or would we plan to just not occupy the property until the mortgage came into play?

Hi @Wayne Brooks ,

my parents will be on the mortgage, but they will be out of town during the auction so they can't participate in any of that process. This will be our first auction, but as it has been described to me, the HML pays the full amount, then within 24 hours we put on the down payment. After that it would be monthly payments until the house gets put on the mortgage. So I am just wondering if there are any issues regarding bringing on an additional party to the mortgage. Basically X + Y get a HML and house. The mortgage clears the HML and would include XY+Z borrowers. Any legal or tax issues to add Z at that stage?