I am very excited about getting my first property. An issue I'm having while deciding however is my financing. I have a local lender loaning with a rate @5.99 and they want the property to be tenant occupied. My problem is unless the property in relatively new the longest term will be 15 years. There are alot of great properties tenant occupied in my area . The problem is the payment are in the higher range causing the roi and cash flow to come in low based on the length I can finance. Anyone ran into this and any advice on moving forward? Things to consider and look into? Thank in advance for any help and for reading.
Find a lender that does 30 year loans
A 15 yr mortgage is not your only option. Find a 30 yr mortgage.
Find another lender. There are many out there that will amortize over 30 years. Most will even do 20. 15 is out of the ordinary for maximum amortization.
The issue I'm having is being llc'd. I cant hardly find anyone who will do over a 15 year bc I'm buying my property through my llc?
Are they allowing you to avoid guaranteeing the loan? Are you going through a commercial bank?
Most people I hear will buy in their name then deed it over to the LLC. Are you trying to avoid that?
Maybe that could be an option haven't thought of that. Its peoples south bank in albany ha. Kind of a small town bank.
The only reason to borrow through the LLC is to make sure the debt isn't in your name. If you're guaranteeing it anyway, I'd definitely buy in your name with a 30 year mortgage then deed it over to your LLC.