Denver, CO · Member since 2018 · 8 posts · 2 votes
Hey everyone,
I am going to be partnering with at least 2 other people for my first deal, which will likely be a flip. My experience trying to get financing with a new company is that it can be extremely hard to get approved. I am new to real estate investing and have no idea how financing a deal with three partners would work.
We are hoping to get conventional financing for our deal and between us put up 30% cash for the down payment.
Should we form a LLC and finance the deal through the company? Or can we each get approval for financing for a third of the deal? Have any of you partnered with others in this way?
Do any of you guys have experience? Reason I ask is you can qualify for Fix and Flip loan Line of Credit programs and put the deals in LLC. Need at least 2 properties to qualify.
Or you can start with an individual flip loan and build up your experience, then switch to the line of credit.
I would start an LLC and try hard at getting the deals approved thru the LLC