All Forum Posts by: Chris Teti

Hi @Mike S., do you or your family have any business that are doing any kind of revenue? 

Hi @Michael Thrower, I agree with @Mack Benson to connect with other investors in your area. Not sure if I would partner up on a rental, at least at first, but you can find resources or potentially partner up with other investors with more experience and/or $$.

The other thing is bring in your wife/family in on what you want to do. Not necessarily for an active role, but they should be on board with and support your goals. If not, it's gonna be really tough, especially when you have to sacrifice time and/or money.

If this truly is a goal, make sure your daily decisions are in line with this goal. This may mean cutting back on some short term items (such as ordering out, buying that TV, etc) to save the money needed to achieve your goal. 

Lastly, looking at this as a marathon and not a sprint, it might make sense for you to setup a Infinite Banking policy. If you set it up the right way, it will help you save the money that you can use toward your RE investing while at the same time providing you some protection for your family.

Good luck man! 

Hi Nicolas, just out of curiosity, how much is the house you are targeting? 

Congrats! The first project is always exciting. I wouldn't create an LLC together until you've done more deails together and decide it's a good fit. It would be a good idea to create an LLC for yourself as 100% owner. It's pretty easy to do and it will start the seasoning period for the entity so as it matures, more lending options open up.

Definitely have an agreement and talk through responsibilities and what happens if you do well or things go sideways. Talking it out upfront and putting it on paper will make sure both of you have the same expectations.

Good luck! 

They are a great tool for your "funding toolbox" as we call it. I have them for my business and help others get setup with them too. Every business owner or investor should have access to this type of lending option so they always have a way to structure your deals and protect your personal credit. 

Best idea I can see is getting unsecured business lines of credit. They can help you finance this deal and then once it's sold, since it's unsecured, you now have the lines available to do the next deal. During the project it protects your personal credit so you stay a strong borrower in case you ever need additional capital.

I can't help you with a lender, but I know a guy that does tons of MHP investing that I'm sure would have some contacts.

There are options to get funding to combine with your HML/Mortgage lender to 100% fund your deal, even in situations with partners with bad credit. 

I know alot of investors that use unsecured lines of credit. Kind of like a HELOC but without the asset.

@Michael H. It really depends. There are different types of LOCs that each have their own criteria such as length of business, revenue, partner situation, personal credit, etc etc.