All Forum Posts by: Leanne Sorg

I am rehabbing and flipping a property in Chicago 3br/3ba. I took out a hard money loan on the project but unfortunately the house needs alot more work than I originally intended and I don't think I'll make a reasonable profit by selling it. I'm not happy with some of the contractors work. Can I convert my hard money loan into a traditional loan with a mortgage company so I can try to turn it into a rental instead? Do most hard company officers frown upon this?

How do I go about getting a draw from my hard money loan to pay my contractor? Do  I contact my hard money loaner or the title company? Any info would be helpful

I am a new investor and started a LLC for real estate investment. Any suggestions on the best business insurance to cover my LLC right now. I'll have contractors working on my rehab but no employees and no tenants. What do I absolutely need, and any suggestions on companies to purchase from?

I am under contract for my first fix and flip. If my lender approved me for a certain amount for rehab, and the budget goes over, am I allowed to pay out of pocket to the contractor if I decide to add something extra during the rehab process? Any advice/answer would be appreciated!

I am under contract for my first fix and flip. If my lender approved me for a certain amount for rehab, and the budget goes over, am I allowed to pay out of pocket to the contractor if I decide to add something extra during the rehab process? Any advice/answer would be appreciated!