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Updated 11 months ago,
New to this and hoping to find some helpful tips
Hello, I am just starting out and have my first property renting out bring back around $900 a month while no maintenance or other issues arise. I didn’t have to put the 25% down since bought it as an investment property but with that, to have around 100k in equity and I’m trying to figure out the next steps,
Is there any way around having to wait the 6months to do a heloc or cash out, and when I do to actually do it is there any way for banks to not look at income as a factor if wether or not I am approved?
Also, what is it about an LLC, should I get one to put this property under, and a different LLC for each future property?
My plan is to use the equity starting out for a profitable fix and flip or 2 then obtain another rental property, I’m just so confused with the equity because how am I to keep being approved for the loan with having so many open? And with just starting out not having much source of income rather than my personal job, Thanks and sorry for all the questions, I wish I could say that’s all but no where close.