Best Financing Options
Hello BP community. I recently purchased my first rental property, located in Mesa, AZ, in an LLC. The deal was all cash and I'm looking for financing options at a reasonable rate. After all expenses, the property is netting 4-5%, so I'd love to get a rate sub 5%.
What makes things a bit difficult is that I left a well paying W-2 job a few years ago to start a company. Most of my money has been going into that company, leaving me with depressed income. I have plenty of savings and assets (hence the cash purchase), but I am definitely income poor.
I've spoken to a few asset-based lenders that have shaken out in the 5.5-6% range and I spoke to Midfirst bank, who has ~4% rates, but require 10 years of property investing experience.