Hi all!
I live and work in NYC in software engineering world and really wanna start building up a portfolio of properties to have some passive income in the next 5-7 years. My goal is to be able to take a lower paying job outside of NYC, possibly in North Carolina, and make up the difference in income through rental properties.
I have a friend that full time does flipping and some rehab and renting out of 60-120k houses in Jacksonville. He also manages about 8 properties and offered to manage mine for 8% as well as be the GC for my rehabs. My initial thinking is to do some BRRRR, picking up 2-3 houses a year ideally. Bridgewell Capital was recommended to me as a hard money lender and I've spoken with them and they certainly sound like they know what they're doing and have some good opportunities. One thing that did catch me off guard was that they dont loan to individuals, only to corporations and recommended I open an LLC. However, I've read here and other places that an umbrella insurance policy and getting a personal loan is fine for first investment property.. looking for some input on this!! Since I do wanna do BRRRR, I will probably need hard money at first to finance these but not sure if LLC is right way to go or look for another lender that doesnt require that.
I COULD NOT be more excited to get started and Ive done a lot of reading and have even found properties I liked and would buy but wasnt ready yet. I just need to decide on a lender and go from there! Thank you all for all the help so far and for the help you're sure to provide going forward, hope I can contribute back soon!
