Financing advice with an interesting situation
Hey guys,
I am looking to start buying and flipping houses with 2 friends but I am in a unique situation. I am in the middle of buying a house with my GF that we plan on rehabbing over the next 2 years and selling it. It doesnt need anything immediately and I got it for a great price. I will have around 12500 to invest once I close on the main residence and my friends are looking to invest around 10k each putting us at a total of 32500. Here is where it gets tricky... I make around 2200 a month and the mortgage for my house will be 1300. My gf works as a nanny off the books while she goes to school so I cant use her income. I have 780-800 credit but my friends have somewhat bad credit and dont have jobs currently. They are doing side jobs to make money for their rent. How should I look into starting the business with my 2 friends? Should I start a LLC with them and make an agreement? How can we get funding? I dont believe we will be able to get the funding from a bank with my mortgage payment being so high and them not having jobs on paper. Any advice would be appreciated.
Thank you,
John