Hello All....yes another newbie here!
Hi,
My name is Pedro from Taxachusetts.I've been gaining knowledge by the minute on this incredible forum.Kudos to its creators.I have several goals to get into real estate.My wife and myself would like to wholesale,flip and buy & hold exclusively multi families for the passive income.We also would like to get our 15 year old son involved as he has shown extreme interest in watching HGTV and DIY channels about the flip and rehab shows all the time.(Weird for a teenager,I know).Here are some questions I have as of now that I cant seem to find on my own:
1.Most ,if not all hardmoney lenders only lend to corporations(llc),but banks wont.IF I went LLC route to finance a multifamily buy and hold.How do I refinance to get money to payoff hardmoney lender if banks wont lend to LLC?Does a dedicated mortgage company (which I noticed are mostly LLC's themselves) lend to LLC's.
2.Is wholesaling considered legal in Massachusetts?Any wholesalers in Massachusetts can verify its legality?
I do have a team of sorts to help me as I go along:2 real estate agents that are personal friends.2 general contractors that are personal friends,electrician and plumber that are personal friends.I also have a FEW bucks right now(14000) of our own.I would REALLY like to buy a multi first to gain passive income but am reluctantly willing to start elsewhere if need be.
Thank you all in advance!