Looking for recommendations on getting started.
Hello everyone, I stubbled apon this site this morning and haven't left for hours. Figured id join and reach out looking for more specific information about my situation.
I'm in a group of 3 looking to purchase properties as investments. We already have an LLC set up, bank accounts, ein. Normal stuff. Got another $40k on hand currently but the problem that we're running into is that we cant get any business credit started. We've been declined twice for credit cards. The personal backing of the credit is our problem. Too young and not enough lines of credit. Scores 750+ but that don't matter i guess. So i'm looking for other options on getting credit going.
Now i know getting our young LLC approved for a loan is gonna be hard especially with little to no credit. So we started looking into other options on ways to purchase our first property. One member is in a position where he is able to move, so the thought of buying a property in his name. Either he live in it while we renovate and or its a multi family and we try to get a 203k loan or SBA. Then rent out the other part. At some point then we can move it or wait until its paid off or mostly paid down. (idk how that works yet)
Another thought i had was to sell my current house to the LLC, I still live there and paid the "rent" that way the LLC shows income. I got about 70k in equity. Sell the house cheaper then market to make the loan people happy about the deal, Ill walk away with some cash that i can roll into another property or pay down the new mortgage. Is this even legal? My name isn't on the LLC.
Open to any other ideas on ways to get this started. With either different types of loans/mortgages or credit options.
I've looking forward to learning a lot, was browsing for a few hours already and now I've got a long list new things to learn about and look into. We are definitely interested in finding a local meeting also. If we can figure out how to find one.
I'd be happy to connect with you to see what options you may have. I'd also encourage you to join your local REIA, as I know the NC REIA has events just for new investors. Feel free to message me, happy to see how I can help.
