Updated almost 5 years ago on . Most recent reply
The loan part of BRRRR... when you are not a resident
Hello,
BRRRR makes a lot of sense to me, except that there's one part I cannot figure out: getting the mortgage. How are you getting the mortgage? in your name or the LLC that owns the properties?
If you are getting it in your name, then, that means that I cannot do it as a foreigner/non-resident as I don't have any income in the US. But if you are getting it in your name, does it mean your property is in your name? Does that increase your tax and other liabilities?
If you are doing it as your LLC, how do you find it? The banks I checked out, don't seem to offer real estate mortgages for LLC. It often goes into "commercial loan" and then they want years of revenue or other prerequisites that I don't have.
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I've done BRRRs in my name and then quit-claimed them over to my LLC once the refi was complete.
Sounds like you might be in a very different position though as a foreigner.