Good afternoon. I've had my eye on a piece of property for a while now. I'd like to buy it, but don't know how to get the funding. Most hard money sources I've seen don't "fit".
Here's the situation. I have bad credit, for a number of reasons. I've been working to improve it. We're a single income family with no extra cash. The building would be in my name.
The building sit's on a town square. It has a ground level retail space (rented out) and a loft apartment (also rented out) with a little office tucked somewhere in between. There's also an unfinished basement.
The retail space is rented for less than the going rate just to have it occupied (I think the building is owned outright). The loft is rented at full price. I figured I'd use the office.
I'd like to purchase this to get started in RE and provide additional monthly income. What are my options?
You have plenty of funding options but first, no one will fund you if you plan to rent space with the title of the property in your name. If they do then you don't want their money. Asset protection and tax strategies are critical. I would recommend reading up on how to structure a company such as an LLC, c corp, etc. and consulting a local lawyer.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.