All Forum Posts by: Joy Jones

Hello BP, wondering if it's legal to buy and flip a house with my LLC (cash), rehab, then turn around and buy the house retail (after rehabbed) in my personal name using FHA bank loan? I plan to live in the property. My goal is to have the LLC take The profit off the sale to use in the the next flip. Also, is W2's the only way Bank makes you eligible to refi on a BRRRR.. 2 strategies I have been researching and planning, just making sure I cover all basis as much as possible. Thank you for your time. As my future in REI grows, I also hope to share best practices and lessons with my BP family along the way.

Also, once I "get the momentum and saved money to quite" how will I to Refinance to BRRRR if the bank needs W2's income? Am I missing something? Thank you again.

Thank you so much for your advice! Can you answer if it's possible to buy cash deal with my LLC, then purchase with my personal name using bank financing. This would be a house for me and my elderly mom.

For over a year now I have been reading the blogs, watching podcast and of course reading several books on REI. I work full time in a pressure cooker environment, (can't wait to get financial freedom/stressed out my mind) BUT I'm so excited and dedicated to using every chance I get to dig deeper into REI education. I watched the replay yesterday of Brandon's podcast on Rental Property, and as I plan my BRRRR strategy, I can't seem to get a consistent answer with a few questions. 1. Can someone tell me when I do the "R" for "refinancing"in BRRRR, do I have to still remain employed with a W2's job qualify? (I want to leave my full-time W2 job, and do my LLC self-employment business P/T, and start Doing Flips Full-time) 2. Can I buy a below market cash deal (private lender money) in my LLC name, Fix It, put up for sale, then buy it back at retail price, bank financed, using FHA in my personal name? Is that legal? In this case I would be buying the home for me and my elderly mom who is on very low fixed income. So I would keep any profit after paying off all holding cost including private lender. Don't want to wait 6 months to Refi..want to quite my job right after qualifying to buy home, use profit to move on to the next flip. Btw I have a private lenders ready (OPM). Just don't want to overlook those steps. Any help would be appreciated. I have read and asked and I'm getting inconsistent answers. I'm ready to do what it takes to get my RE business going I just want to know about the refi before I jump ship with this stressful job!