Your best approach is to assume the loan in your personal name and explore legal and financial strategies to integrate your entity afterward.Feel free to reach out with further questions—I’d be happy to help!

Hello everyone,I am currently working through a challenging financial situation.

I use the "profit first" approach to cash management and am VERY happy with what it has done for me. https://a.co/d/h16sPxR

Challenges?

Challenges?

I am wondering if taking such a risk would stretch me really thin or is there a safer approach to take.

Given your residency limits, the high prices in NYC and surrounding areas are a challenge, but there are still options in neighborhoods further out within your allowed range, like parts of Queens, Brooklyn, and the Bronx.

Also, I’ve purchased occupied foreclosures in Connecticut and have managed the eviction process, which has been challenging but manageable.

Live in one unit and rent out the others to cover your mortgage.Seller Financing: Negotiate terms with the property seller where they act as the lender, often requiring a smaller down payment and bypassing traditional underwriting.Partnerships or Joint Ventures: Partner with an investor who provides the capital in exchange for a share of the property’s equity or income.Lease Options: Use a rent-to-own agreement, which allows you to control the property while saving for a formal purchase.BRRRR Method (Buy, Rehab, Rent, Refinance, Repeat): Acquire a distressed property with short-term financing, rehab it to increase value, rent it out, and refinance to recoup your initial investment.Pro TipStay in close communication with your lender as you approach your next purchase.

He clearly knows the best course of action in this challenging market.