New and Upcoming REI with a few simple questions before diving in

[Patrick De La Cruz]

Hello BP and BP members,

To make this short & simple, I am a new member, 24 years old, and hoping to jump into REI this year! I have been listening to BP Podcasts for the past 2 years, and finally thinking about diving in by July of this year after lining up all the ducks in a row and grabbing the last bits of information. I am located in SD, but will begin my portfolio with out of state properties (TX).

Plan:

I will be starting with Fix/Flips. (Purchasing from Wholesalers/PrivateSellers/TaxSales)

Goal:

BRRR properties and build a portfolio of rental properties

Questions I have:

(REFI Question)

Will I have a hard time refinancing with banks when doing BRRR under an LLC? (I have not opened an LLC just yet, but any recommended websites to get started would be great too!)

(TaxSale/TaxDeed Question on Non-Commercial Properties)

I am confused with the timeline of the redemption period, specifically in TX.

Does redemption period start the day there is a winning bidder on the property?

(Lending Question/Business Credit Card)

I have 30k+ in Business Credit Cards under Sole Proprietorship, I have planned on using for any Rehab/Expenses/CapEx.

Looking into Private Lenders/HML for purchasing Rehab properties out of state under my LLC and my question is:

Do I look and get connected with Private Lenders in the specified area I will be investing in?

Also do PL AND HML secure loans on collateral, such as the property being purchased?

(currently don’t have a high income, and was thinking that can be an issue?)

Thank you everyone on BP for all the help and guidance. I hope you all the best in this great industry, and any advice/tricksandtips would be helpful. I am determined and have a passion to follow through with REI!