Real Estate Business financing dilemna
Good morning investors. I am pretty new on the forums here and feel slightly timid about bringing my situation public however I am more concerned about getting on the path to financial freedom, so here is my situation.
I own a contracting company that does between 2 and 5 million of revenue annually. I have been involved in this industry 30 years now and an owner for 6. The business is certainly the "rat-race" and I am ready to start transitioning away from it. I am sure I have another 1-3 years working in the business but have started a real estate business. My issue is in 2018 we had a very tough year with management turnover and staff. This led to low revenues and high overhead. The good news is I was able to write off a ton and my tax liability was nil however, the downside is I showed very low income after all was said and done. I have been a very good earner for years prior and our situation is not nearly as bad in real life as it is on paper. That leads me into our dilemna. My wife and I decided to sell our home and take the equity so we could invest with good capital. We moved into a rental and want to start out next year at the end of our lease by purchasing a small multi-family and live there for a year or two. We certainly have the capital to start looking for properties and have been active in our REIA but we have this last year of low income statements. I am looking for options to overcome this including creative financing but know that if we carry out the BRRRR method we are going to need to refinance. What tips can the forum provide to help overcome this obstacle? I look forward to any interaction and I look forward to a prosperous business in real estate. Thank you
Michael