i need to get into fliping houses. i will be starting up an llc through a lawyer soon. just wondering if it's possible for a new LLC to qualify for a loan.
2007-07-10 18:55:58 · 2 answers · asked by Big 2 in Business & Finance ➔ Renting & Real Estate
Being a new company - eligibility will be based on the credit of the founding partners
if you have good credit - no worries
if you have bad credit - you've got a problem
2007-07-10 19:00:43 · answer #1 · answered by Mike Frisbee 6 · 1⤊ 0⤋
You REALLY want to try the house flipping business in THIS real estate market ? I think you're past the boom of the flip process. The real estate market is very soft and unpredictable now. You may well find yourself buying a 'hot deal' and fixing it up for sale, only to find that it is now worth even less than you have invested in the property.
That being said, your LLC operates based upon your personal credit situation, since it is only a shell corporation covering you alone. There should be no undue delay in obtaining financing if your personal credit file can handle it.
2007-07-10 19:01:00 · answer #2 · answered by acermill 7 · 0⤊ 0⤋