What are my options in my scenario?
Hello everyone,
I am in the process of closing on my first deal. It is an all cash offer within my own family. The problem I am having is that I want to buy the house directly through my LLC, and I do not have capital for the rehab. As far as I can tell, my options are some sort of personal or project loan with a co-signer as I do not have an income (I am a student currently) with a refinance at a lower rate later, a personal loan with plans to sell the property ASAP, or sell it without any rehab done for a lower price of course.
I would like this to be a BRRR, but I am unsure how this works whenever the property is held by an LLC. Currently, I am looking into the project financing that Lowe's and Home Depot offer as well as numerous personal loan platforms. With this being my first deal, it is hard to do with no track record.
I am really interested in the refinancing when property is held in an LLC aspect and if you can even get small business loans or project loans through an LLC that has no history of revenue generation. Any advice is appreciated!
Thank you