Here's our Business Plan and A few questions before we jump off....
My wife and I are about to make the leap. We have been approved for $100k interest only home equity line (3.99%) and have spoken to another lender (who is also an investor) who said we'd be good initially for 3 mortgages ($1mm combined limit.)
Our plan is to rehab and sell initially so that we can slowly buy and hold rental properties as we accumulate equity with the ultimate goal of owning a portfolio of income properties that we can retire comfortably with. We don't plan to do much (if any) of the work ourselves, but my wife is getting her RE license (Keller Williams) and I may do so as well if the business generates enough income that I can leave my current job (which is my primary motivation for starting this business.)
We have met with agents (friends) who also work at Keller Williams. My wife will be their mentee under the KW program. They are a husband/wife team and are also investors who have rehabbed and flipped in LA and here in Richmond. He also has a GC license.
I know this topic has been beaten to death, but we're going to meet with an attorney soon and wanted any thoughts on LLC or INC? Also, any reason not to use the home equity line of credit for everything? I'm sure we're missing tons, but any advice is always welcome.
Thanks!!
Bill & Tina Morris
Midlothian, VA