From working 9-5 to working whenever your property needs you? I have several properties and am in a position to take a heloc on 1 and go to an area about 1300 miles away and buy about 6 properties .My #s tell me I will make enough cashflow total to support myself but what about continuing from there.How would I get a mortgage should I need one to finance something new? I have an LLC for the last 3 years that is braeking even? How do I make the switch?
If you want to obtain a residential mortgage, you will have more trouble once you make the switch unless the LLC has been in existence for at least 2 years and you can document it. Otherwise, you will likely have to do a No Doc loan on your new mortgages, which is a blank loan application where they don’t verify employment history. Lenders want a 2 year history in the same line of work or the same business. If you are looking for a commercial loan, the requirements may be different.
I understand the last reply. But there are other ways to get the deal done regardless of how long the LLC has been established.
Thanks for the help.
rbaxter the LLC ahs been here for 3 years and Ive been investing for 6 years.Can you elaborate Fortune or are you refering to the carlton sheets way of thinking “NO MONEY DOWN”?