I have been thinking about flipping houses for years but never actually took the first step. This year I decided this was the year of no excuses! You answered so many questions in your article so thank you again. My question to you is once I get the hard money from the lender do I have to use a general licensed contractor for every repair in the house? Is that one of the stipulations for getting the loan? My husband and brother in law have worked on houses for years as handymen so they can do a lot of the repairs and installations. Of course I would need a licensed contractor for major repairs. Thank you so much for all your help!
Hi Kinyetta: Thank you so much, I appreciate that and am glad you got so much out of the article. The answer to your question depends on the hard money lender and their stipulations. If your husband and brother in law have construction experience that they can prove the lender may be fine with them working on minor repairs on the home. Other lenders are stricter and want to see a licensed professional do everything for your first flip. I would recommend talking to the lender and explaining your family’s experience and be willing to submit invoices and receipts and stay on your timeline and budget. I wish you all the best and look forward to hearing about your first project.
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