Hard Money - Buy and Hold Mentality
Hello everyone,
My name is Moshe and I am interested in buying a cash only property using hard money, rehabbing and doing a cash out refi to hold the investment. I understand that you need an LLC to get the hard money loan which isn't a problem. The problem seems to be that its hard to do a cash out refi under an LLC so you would have to transfer it under one's name because they require the indeed to be under an individual's name. What is the best practice without running into roadblocks to accomplish the buy and hold strategy. I really believe in it long term and I already have one multi family under my belt waiting to refi. Post this first deal I have about 50K left to spend on my next deals, that is why I want to use the hard money approach.
Thanks for your help guys!