Advice on 15 year mortgages

7 Replies

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.

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?

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.