Looking for Advice on How to Fund our First Purchase
Hi All, I'm hoping you can help me out! :)
My business partner and I have started a company and are wanting to have it buy my current home. What is the best way to go about doing this?
We have been told that because the business is so new, we most likely won't be able to get a traditional mortgage or business loan. We have also considered contributing capital to the business; his coming from savings and mine coming from a HEL that I would then pay back when the business buys my property, but we are still stuck on the larger loan issue. Finally, we have also considered "seller-financing" where I would agree to sell the home to the business, but I fear that might over leverage me. Additionally, if we went that route, I would most likely not be able to buy another home with a traditional mortgage, with the idea being that home would eventually be sold to the company as well.
Every avenue we try to take we are running into a roadblock of some kind. There has to be an answer here that would work for us. So, I'm hoping someone out there has some insight into what they did or a thought we haven't considered yet! We are really looking forward to this journey and are trying to "jumpstart" things a bit by using current assets. Any and all advice would be appreciated. Thanks!