I am looking to buy my first rental property, but I don’t want to go through the transaction traditionally because I want to put the property under my business name. Can anybody tell me how they operate on the terms of financing?
@Angela Winbush why do you want to put a property under your business? That wound put the liability of the property in your business, and the liability of your business on your property. If you were to get sued on either they could take both.
If you want to purchase under something other than your name you should consider forming an LLC to buy the house under.
At that point you can get a commercial loan from a local portfolio lender and you do not need to use a hard money loan.
Sorry, maybe I should of been more clear. I am putting it under an LLC. And thank you!
@Angela Winbush you dont need private lenders to finance properties within an LLC, you just need a commercial loan. Local credit unions and banks of all sized will do that type of loan.
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