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Updated over 8 years ago,
bought flip with cash - whats best way to finance "rehab"
Hi new to forums, and to the world of real estate, Please excuse my ignorance if any, your feedback is greatly appreciated. I purchased my first investment property (2Fam) with cash (raised from investors)
The house was a foreclosure, plan to flip in about 60-75 days. House will close in about 10 days, sign P&S in my name, was thinking of switching to LLC at closing for tax purposes and to keep all investor money seperate from my personal finances. But I'm finding my new "LLC" wont qualify for any bank loans.
1. Am I better off purchasing home in my name? (how would i structure this for tax purposes with investors and interest I am paying to each)
2. What are my best loan types I should look into?
3. Since the house was purchased cash, would taking an equity loan out be a viable option to finance the "flip"?