A Very Newbie Question About Business Loans
First post here, longtime follower.
I bought my first live-in property 7 months ago and signed some solid tenants in about a week ago all with clean backgrounds and solid credit scores. I’m now about to move into an apartment while I build equity for less than the cost of the monthly mortgage. So far so good!
The problem I’m running into is that with my current income is I still can hardly afford to save any extra for my next investment (I was able to save for a first time home mortgage down payment by living with my folks for several months, but that doors essentially been closed). Between what I can save and my equity I’m still looking at enough to make another down payment in about 10 years before I can borrow against the home. Not necessarily practical.
I've been doing research on wholesaling, but I also thought about a business loan, creating an LLC to qualify so I can take the loan to make several down payments on some duplexes/triplexes after holding that loan for about 6 months before going to a specialized home lender with the cash. My question is if this is at all practical, doable, realistic, or even legal? Otherwise I'll dive into wholesaling and/or getting my agent license and building up sales, so any additional advice on anything I've mentioned above is welcomed!
Look forward to hearing from y’all, thanks in advance!