Updated about 9 years ago on . Most recent reply
Getting overwhelmed here people
I am on the last leg of finally getting my first investment property, however after looking through the site I am feeling overwhelmed, let me explain.
I intend on purchasing my first property cash, waiting 3-6 months then refinancing and repeating coined the BRRRR. The issue i am having is I have read on this site people are having issues refinancing I cannot afford to run into this issue it would completely derail my plan...help
Another matter i need assistance with are LLC's, and choosing the right on, thus far i have heard of Series llc, land trust, individual LLC for each property, ulitizing llc for management then paying yourself (etc)
*side note i intend on hiring a management company. Any help would be appreciated
Most Popular Reply
Jennifer Williams first of all, you don't HAVE to have an LLC. You can just have it in your personal name. If you do that, just be sure to purchase some umbrella insurance for extra protection.
If you have an LLC, it will be harder to get conventional loans on the refi. These are the Fannie/Freddie backed residential loans, 30 year fixed, which are nice and cheap right now.
Second, you can always get prequalified now with multiple lenders to make sure it will work out. Talk to 2 or 3 lenders, tell them what you're trying to do, and they will steer you in the right direction and tell you if it looks like you'll qualify.
Lastly, be confident with your ARV and rehab numbers!