I have the Real Estate knowledge and the contacts for investing but my situation can cause a headache.
I don’t have a full time W-2 job.
I would like to purchase homes using all cash from hard money sources. These purchases would be around 50 cents on the dollar. I would like to purchase these homes/multiunits, refinance them to pay off hard money loan, and keep homes/multi units for cash flow or sell for some for profit.
My questions to the knowledgeable people here.
Should I involve a partner that has a W-2 job to make things easier.
Best entity to structure these investments in. Say for example it’s an LLC. Once held in an LLC, can I refinance them to pay off hard money just as easily as it was in my own name?
Obtain hard money loan in LLC name, and them refi in LLC? And then repeat the process?
8)hard money just like any other is going to want to know HOW are you going to pay the payments ??? NO job it will be hard to get any one to loan you any money >>>> may be a small strat and get owner mortage??? AS far as a partner what do you have to bring to the table to make him or her be your partner ??
I have plenty of cash for reserves. I can go at least 1 year with no traditional job. I do have 4 houses already plus 1 more closing in 2 months. That home will be a flip that has 75k in equity where the areas DOM is less than 3 weeks. I will market that home 30 days before I close. I found out that I will have no problem getting financing. Sometimes one must be creative. And no, I will not bend the rules.
I am starting a RE company here as we speak with my 2 good friends.
I will use partners because I believe that when implemented correctly, your journey towards financial freedom speeds up that much more.
I am meeting with my lawyer tomorrow to discuss the 2 mentioned above and about 1 more that I’ll seal my lips about.
I reached out to a few that have much knowledge, and I am positive I can work it out.