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Updated almost 5 years ago,
New investor looking for advice on BRRRR, LLC, and lending.
HI BP members,
I am currently in the process of obtaining my core four. I have not purchased a rental property before so I don't have the experience. I've read as many books as i could and listen to the BP podcast religiously. My plan is to find a portfolio lender and try to come up with a line of credit with them that I can take out for purchase and rehab. After the rehab and renter is in place convert the credit I took out into a mortgage. I plan to BRRRR as many houses that I can providing I still have credit to buy with. I live in a decently cheap market (houses under 100k).
I have a few questions.
1. Should I start an LLC before buying my first property or get a few properties under my belt and convert them over to an LLC?
2.Instead of the line of credit with portfolio lender,should I use hard money then do cash out refi with a portfolio lender?
I know I had some more questions that I can't think of at the moment.
Any help getting started would be greatly appreciated.