All Forum Posts by: Néstor Orlando Pimentel Solorio

The trouble I keep finding with this is that I am self employed now, they probably will ask for 2 years of proof of income as a self/business owner, right?

0 Votes

Dallas, Texas

Quote from @Jay Hurst:

Quote from @Néstor Orlando Pimentel Solorio:

I have the opportunity for a cash offer where the property has great up side once it is renovated.

We can get in to the property no problem since we have the cash, the issue is how to finance the repairs and renovations since we just got started on the business and no longer have a w2 or 2 years income under the LLC?

If we could prove out income I know getting money for the renovation with the property as security would be no issue, any suggestions?

Also we could use a family member LLL for this but I am not sure how all the tax situation can get muddy…

thanks

As suggested your scenario is want rehab funding is for. You do not even have to borrow the funds for rehab, and rather use someone else's money for the acquisition then use your funds to rehab the place. At least for us that is a bit of a cheaper loan.

and when you say "Once this renovation is done we would sell our current house and look for the next project.". Are you planning to move into the property you are about to buy?

Correct, once the rehab on the new property is done we will move there and sell the current home. We have the cash for the property purchase right now so I thought it would be easier to get a loan for rehab once we took possession of the property since the value of the property at the end of the rehab will be close to 3x of what we will buy the property for.

We also want to move quick on the cash offer and don’t wait on closing time for loans.

0 Votes

Dallas, Texas

Quote from @Jaime Duron:

Hey Néstor Orlando Pimentel Solorio! Have you thought about getting a hard money loan which can fund your whole deal to include the rehab? Though, you would need to put down 10% in which their fees can be a little high along with a 10-12% interest only rate. But the great thing is they will provide 100% funding for your rehab in draws though too. Its an option for you. I would check out Kiavi, I've used them in the past and haven't had any trouble. Hope it helps.

Great! I think that’s a great idea.

The next issue I think is we want this property for us since we just got the LLC started once the project is finalized we don't have enough track record on the LLC or as a business owner to get a mortage or refinance the property under a mortage. Any ideas?

Once this renovation is done we would sell our current house and look for the next project.

0 Votes

Dallas, Texas

If we could prove out income I know getting money for the renovation with the property as security would be no issue, any suggestions?

Also we could use a family member LLL for this but I am not sure how all the tax situation can get muddy…

thanks

1 Vote

Dallas, Texas

All Forum Posts by: Néstor Orlando Pimentel Solorio

Néstor Orlando Pimentel Solorio has started 1 posts and replied 4 times.

Post: Advise on potential opportunity

Post: Advise on potential opportunity

Post: Advise on potential opportunity

Post: Advise on potential opportunity