South Bend, IN · Member since 2018 · 4 posts · 2 votes
Hello BP,
My wife and I are looking to start investing in real estate. We kind of have some experience in this since we have bought and sold our past three homes. With each sell we have been able to make some profits which has given us hope that this is something we might be good at with an actual investment property and not our home. Our dilemma is getting started. We have some capital but are not sure if we should buy the homes cash or use it as down payments and get loans. If loans which type would be best? My 5 year goal is to own at least 10 rentals while also taking on some flips. Also since we are planning to buy multiple homes would it be best to put them all under our names or form some sort of LLC? Any input would be greatly appriciated.
Hollidaysburg, PA · Member since 2015 · 327 posts · 350 votes
8y
Pablo, first off congratulations on your new endeavor. I recommend using the BRRRR, as in using cash to buy and rehab, and then pulling your money back out to do it all over again. I also recommend you looking into other creative financing, as this will help you achieve your goals in your desired timeline.
In regard to whether or not to use an LLC or just leave the properties in your name is a topic that has been debated on BP for awhile. I personally do a little of both. If you research it, you will find out what works best for you, considering the risks you're willing to take. I hope this helps, and if you have further questions, please feel free to PM me or others on this site. There is no shortage of professionals here that have been exactly where you are. Good luck!!!
South Bend, IN · Member since 2018 · 4 posts · 2 votes
8y
@Matt Crusinberry I have heard of the brrrr process on the bp podcast, I will have to read more about it. Thank you for taking the time to help me out. It is very much appriciated.