Hello All....yes another newbie here!

[Pedro Maldonado]

Hi,

My name is Pedro from Taxachusetts.I've been gaining knowledge by the minute on this incredible forum.Kudos to its creators.I have several goals to get into real estate.My wife and myself would like to wholesale,flip and buy & hold exclusively multi families for the passive income.We also would like to get our 15 year old son involved as he has shown extreme interest in watching HGTV and DIY channels about the flip and rehab shows all the time.(Weird for a teenager,I know).Here are some questions I have as of now that I cant seem to find on my own:

1.Most ,if not all hardmoney lenders only lend to corporations(llc),but banks wont.IF I went LLC route to finance a multifamily buy and hold.How do I refinance to get money to payoff hardmoney lender if banks wont lend to LLC?Does a dedicated mortgage company (which I noticed are mostly LLC's themselves) lend to LLC's.

2.Is wholesaling considered legal in Massachusetts?Any wholesalers in Massachusetts can verify its legality?

I do have a team of sorts to help me as I go along:2 real estate agents that are personal friends.2 general contractors that are personal friends,electrician and plumber that are personal friends.I also have a FEW bucks right now(14000) of our own.I would REALLY like to buy a multi first to gain passive income but am reluctantly willing to start elsewhere if need be.

Thank you all in advance!

[Ann Bellamy]

Pedro, 

1. banks WILL lend to LLCs. You are simply talking to the wrong department. The "mortgage department" does residential lending to people. The "Commercial Lending" department lends to businesses and lends on real estate in an LLC.

Totally different criteria, though, so do some searches here on BP about lending to llcs.  

2.  To the best of my knowledge, wholesaling is legal everywhere.  You contract for a property, and then do one of two things:  a.  Assign the contract for a fee.  All contracts, unless the seller has specifically forbidden it in writing, are assignable.  (This is not legal advice, just my general information as I understand it, consult your own MA attorney).  or b.  Close and then turn around and resell right away.  In either case, you either own the property and resell, or you have an equitable interest in a contract that you can sell.  

3.  The best way to get started in buy and hold, IMHO, and that of many others, is to buy your first multi to live in and rent out the other units.  You get the best financing and you learn boatloads.  

There is an even bigger team to help you along.  First, the search feature on BP is your best friend, there is tons of information available, almost any question you can think of has already been answered multiple times.  Second, there are lots of local investor groups, some cater to new investors and some to real estate agents, and some to advanced.  Attend as many as you can.  I'm sure @Shaun Reilly will jump in and give you the rundown.