All Forum Posts by: Cam Wright

Dustin,

I had my "normal" lender do some research and we figured this out. They can do it, but we all learned something in the process! I'm in the same boat. I'll be in about $110k after 3 weeks and already have a tenant lined up and ARV of $165k.

Thanks!

So, I will make this pretty clear on what we thought about doing, but is it legal?  Practical, yes. Game changer, could be.

We want to essentially BRRRR out a property in 4 weeks.

1. I purchase the property cash.

2. I renovate the property in about 3-4 weeks.

3. I sell the property to an LLC which is held by my partner and myself to get a "refi" on. Use a conventional loan to purchase.

Has anyone ever done that, or can it be done?  Would my partner being a majority holder help, or can I not sell to something I have an equity interest in?

Ex. We buy the property for $95k and put in $15k. I sell the property to the LLC for ARV value of $160k. Appraisal comes back good.

Thank you for the comments.

Adam, great point.  I am a civil engineer, but wanted to be a carpenter growing up.  Right before the 2008 crash when I started college, I switched to engineering. But the RE bug has never left me. But it does seem there are many engineers, especially on podcasts.  As far as who I run into though, I would say it may be 20% or so. But I have had poor partners that are not engineers and some not so great that are engineers as all.  But I tend to like the engineering mindset and anyone with a good drive.