I am new to REI and am wanting to get into the rehab business. I have about 15 properties I am wanting to make offers on. I contacted the realtor I am working with to submit my offers and he said I would need proof of funds or a preapproval letter. Basically I am trying to figure out what my next step is. Should I go throught a mortgage broker of a HML? I need money to buy the property and also the money to rehab the property. Do I need to set up an LLC, I am 24 years old, I don’t have a house or any other assets. So do I even need an LLC? I have a credit card with a $5000 credit limit on it and that is all the money I have available to get things started out. So basically what I am wanting to know is what is my next step?
No offense by any means, but if you are new to rehabbing, you may want to put this question on the “Beginners, Carlton Sheets” page. Just a suggestion. Good Luck
A good idea in getting started is to set goals and know where you are going with this. It is ok to scope out the properties and want to get started writing up offers but you need to look at your abilities to do rehabbing, or if you are financially able to sub out to have someone else do the rehabbing for you. That can get pricey to hire professionals to help you. Start small and slow and keep looking at your goals. You can always revise your plan when you meet your goals. In my opinion you will be more successful starting this way. Graciez