Hey guys so I'm a newbie and trying to learn as much as possible and trying to get my ducks in a row.
So i want to start investing ASAP, Financially I'm not there, but i think i can pull it by doing creative financing, I believe i have someone that can lend me the money. How can this transactions happen? i don't want the IRS to flag me and try to charge me taxes on borrowed money. My credit union will give me a pre-approval but want to see the money sitting in my bank account.
Thank you like always and really grateful for your feedback
@David Silva what's your strategy?
@Sean Carroll Well I think the best option for me is to either flip or BRRRR, But more on the flip side since i want to get cash more rapidly and increase my piggy bank and kinda go more on my own after that. The person that would lend me money, i don't believe will be much interested in taking ownership or getting to involve in the projects.
what's your long term, flip or BRRRR?
How much money are you being lent?
my long term goal is BRRRR. and being that i live in LA County I can borrow up to 200K