All Forum Posts by: Vanessa Peters

Thanks everyone. I figured this was too good to be true.

Congratulations!   Its so eexciting to do that first flip.  We're working on our second.

Hello Everyone.  I know this question has been asked and answered but I have been reading many different answers.  Please forgive me for asking these questions as I try to figure out how to use my SDIRA.

I have an LLC that I own with my sisters. Obviously the LLC flips houses and we have been in business for just under a year. We have no official employees. We have done only one house so far that we self financed by hook and by crook. We paid ourselves back what the business borrowed from us personally (with reasonable but small interest). The profit we made from the house we put right back into our next project.

I have a self directed IRA. I think I am understanding correctly that I CANNOT loan our LLC any money from my personal SDIRA even if we are in the building phase of our business and not really paying ourselves yet.

Is there anything I can use that IRA for as it pertains to our LLC? We may not be able to self fund this next flip as the same opportunities may not be available - namely getting 0% balance transfer offers from our credit cards. It's kind of a catch 22 in that we self financed, but we run up our credit cards up do it (impacting credit) and we haven't been in business for two years for my traditional banks to help.

Any other creative ways I can fund my business?  We have a pre-approval from Lending One but they don't do new construction which is what we decided to do this time around. Any ideas will be appreciated.

Hello out there. What lenders (besides banks) will loan for new construction? I unexpectedly won an auction for TWO properties. While I can afford to buy the properties, I am already working on a new construct and may not have the funds to complete three new constructs. (I have to complete the two I just bought in 365 days.). If I don't sell the one I am working on now soon after completion, I definitely won't be able to start two of them. Any new construction financiers out there? VP

I invest in the New Orleans area as well.  Right now we are focusing on Gentilly area but are willing to look at other areas.  Please message me with what you are offering.  Thanks.

What's a good deal when partnering with a builder. I have just done my first reno where I had a middleman help manage the project since it was my first flip, a complete renovation (really too big for my first project). I wasn't comfortable doing it alone. Now that I am finished with that one , the builder has asked if I would like to partner. What they mean is I pay the bills, they build at their cost and we split the profit. Why does that sound fishy to me? How do I know their costs? I guess this too is just a numbers deal and if the project is worth it to split a profit, eh?

Hi. Welcome. I am fairly new to the business. We are finishing our very first reno now. I am eager to meet new and existing investors in the New Orleans area. Vanessa

This is our lessons learned flip.  We should profit but I don't know about "nice" profit.

Gentilly right now.  This is our first reno.

Hi Amber!  Welcome.  We're new to renovating here in New Orleans too.  We're working on our first reno right now.  Keep us in mind when you find good opportunities!

Vanessa