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Updated about 3 years ago on . Most recent reply
Funding/Loans and LLC's
A few concerns I have are funding, as well as starting an LLC. I am definitely wanting to start an LLC, but my question is, do I need to create one prior to having my first deal, and will I be able to add previous properties to an LLC? I was also originally planning on paying for my first property with an FHA loan. My concern was that I want to do The BRRRR method, as well as house hack the first couple properties. Is getting a hard money loan for my initial property a wise choice, and where would be a good place to start in finding hard money loans? Thanks in advance, I appreciate any feedback!
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- Tampa/St. Petersburg/Sarasota FL and Knoxville/Sevierville/Maryville, TN
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@Harrison Payne An FHA loan will need to be closed in your personal name. As for getting hard money a bad idea; it depends on your goals. If it's to flip, then no, FHA and conventional loans won't work for properties that won't qualify for insurance. Just make sure you have an exit strategy or 2 you are comfortable with. So one might be to flip and list; the second might be to refinance it and hold for cash flow.