All Forum Posts by: Warren Sterling

First of all....Thank you for your answers and your experience!

I am using an investor and he has offered to go to any financial institution and get a loan and/or line of credit to help me grow our money.

I do not have a property picked out, but was made to understand that I needed to have funds ready to close the deal once found and secured.

I was thinking that a commercial line of credit would be best, because we would be able to use it for any deal and would also have enough available to perform any needed rehab to the property.

The business plan is to flip a few properties to grow my money to later invest in buy and holds.

So here is the questions. Do I have to have an established business with EIN and all to qualify for a commercial line or commercial loan? Will I need to provide a business plan or any documents regarding the property as it has not been selected or secured yet? Would a retail conventional mortgage be a better choice?

Do I have any missing pieces that you see that I can include to have a better chance of approval?

Thank you again,

Warren

the Marketplace is the button at the top of the screen next to the Forum tab.

Welcome to BiggerPockets! You have found an excellent community. You may consider posting your request in the MarketPlace.

I am sure you will find the answers you desire.

Warren

Greenville, SC

So much information! and a very concise easy read! I absolutely love the links that provide a sort of back story and an in depth real world view.

I printed my book to be able to give me some space to take a few notes, but then found myself going back to the e-book so I could get to the links. I guess I want and now have the best of both worlds.

Thank You!

@Jason Harmony Welcome to the greatest community ever! BiggerPockets is amazing!

@Paul Timmins Your information to Jason is on point. Thank you! I look forward to reading some of it myself.

Warren

@Justin Williams @Anson Young

I have an investor that will allow me to use his credit and income to secure a property. Can a flip be done with only credit?

If yes, how do I get repairs financed? Do I even care about repairs?

I am sure there is a way. If you know, I am all ears, if you do not know, will you please point me in the right direction?

Thank you,

Warren

@Casey Bradford Welcome to BiggerPockets! It is a great community and as you can see lots of great information and insight from many members and there is only more to come. Drop a line if I can be of assistance.

@Robert Leonard Thank you for the reading recommendations.

Good Morning. I do not yet have any connections in Louisiana as yet. Except for maybe yourself. I answer your post simply because I have been drawn to the NOLA area. One day, I am sure I will do some business in your cities.