Hi All!
Looking for any insight and advice regarding current situation
Here is a breakdown:
My Mother and I have formed an LLC and looking to begin our real estate journey with the BRRRR strategy. She is holing 51 percent of the company for credit purposes on paper, but will maintain as a silent partner.
Our initial idea was to Refi her primary residence to capture the existing 140k of equity in the home and to take that over to our new LLC as starting capital.
We have hit a months long snag with the bank who is requiring a co signer as the only way to move forward. My brother is active in fix and flips and rentals but is not in a position to co sign at this time, so we are trying to get creative
Currently her debt to income is 71 percent based on a two year average of her income that is at 4800 gross. Here's the thing, the last 6 months she has a 7100 average gross, which puts her DTI at 24 percent. Is there anyway to remedy this quickly?
On another note, all credit reports we pull are well above 700, but the bank pulls hard inquiries that sit at 625.
I was thinking potentially refi the property into the new LLC to be able to take the equity
All thoughts and advice welcome
Thank you!
