Some Questions on Private Lending and my First Deal

[Jorge Siverio]

Greetings BP Community!

I am an aspiring Real Estate Investor and searching for my first deal. The forums have been extremely helpful so far in helping me get started on my research. However, I still have some outstanding questions that I was looking for some help on.

I would like to implement the BRRRR strategy to buy, rehab and hold. I am thinking of funding my first deal with a HELOC for the down payment and then private or hard money for the purchase price and rehab.

1. I talked to Lending One today and they said that I needed to form an LLC or private money lenders would not lend me any funds. Was this statement true? ...or do some private money and hard money lenders lend out to individuals and not LLCs

2. If I do use an LLC, would I be able to refinance after the 6 month seasoning period with a conventional cash out refinance, or do LLCs not qualify for these?

3. If I have to use a an LLC, and I then proceed to refinance with a private lender, what type of qualifications would they need. Assuming this is a new LLC and I go to refinance in 6-7 months... would they need to see a specific amount of income. Any resources you all can point me to would be appreciated.

Many thanks - JS