This is the best board on this subject I have yet found, great advice on here. I have been researching flipping very aggressively and I am bout ready to take the dive. My questions are a few, that only people with experience may answer. So, I hope I find on here very helpful tips. Also, I live in nyc, and have a credit score of 712, and I have a decent job, I added that as some background info on me. Here are my questions:
- Which loans are better, or more advantageous, Hard money, or traditional? And why?
- Also, would it be to my advantage to form an LLC, as far as loans go? Would it be easier to aquire them? What are downfalls of LLC’s?
- I plan to borrow from the bank the rehab money, or from a lender, and plan on using professional contractors to finish the job, with the home on the market at 250,000, and comps around the area selling at around 385k-423k, do you think it’s a good way to handle it with contractors.
- For now, I ahe ran out of questions…olol…but any other advice wold be GREATLY appreciated.