All Forum Posts by: Landon Moore

@Jaron Walling I agree, however, I don't have the private finances to pay cash for the property. I have around 25% cash. But I understand your premise and wish I could simply offer cash today. 

@Charles Graham

The reason the hard money lender is requiring you to get an LLC is because the loan you are looking at is a commercial loan. Meaning you have to be a "entity" to obtain said loan.

Entity meaning LLC, S Corp... structure. There are ways to use a commercial loan under an LLC then refinance out into a conventional...like a BRRRR.

Thanks @Sean McDonnell do you recall which bank you ended up calling in NC? The property is in NC. 

Hey BP,

I am looking at a single family home with a listing price of $54,000.00. I have the finances capable of providing a traditional 20% down payment, however, as I have learned it is very difficult to find financing for a property that is that low in value. I am not currently capable of paying cash for the property. 

I estimate the ARV to be $70,000.00. If I could pay "cash" for the property and refinance after using delayed financing to get some of my money back, however, I would be leaving a bit more money in the deal than originally planned.

Looking for tips / suggestions. 

I will be there! @Travis Shelton

Questions in tote!

Agreed with @Nathan Gesner but from a more aggressive approach, depending on where you live, you could house hack a duplex, triplex or fourplex. This will teach you firsthand what you are reading in the books, watching in the podcasts. This concept is spelled out in a new BP book "House Hack." This allows you to rent out the other attached spaces and live in one, nearly rent free. This allows you to save, save, save. Just search House Hacking on the forum search bar above and this will open the door to learning the process and real life examples. Good luck! Stay active in the forums!

I'll be there @Travis Shelton

@Nathan Cross Good morning! Finding that balance is key to success in all aspects of life! You will fight through and figure out what works best for you and the family. Just need to remember your why! Trust your heart. 

I am a new investor to the Fayetteville, NC area. Looking forward to connecting!

@Travis Shelton See you there!

@Pamela Sandberg That makes sense, I appreciate your insights and thoughts! Thanks.