What's the best way to get a loan for a rental property. My business partner and I just formed an LLC. We want to get a rental house and so this means taking out a loan. What's the best way to do this? Since we have a new LLC, I don't imagine we'll get a loan under that. Does one of us put a loan under our name (or both of us) and then do we transfer it to the LLC or is the loan just our loan forever? When start paying off the loan, does it matter that it's under our name when we do accounting for the LLC?
You didn't say what type of loan. I think theres at least 8 different loan products. Some of which would require personal guarantees and some that would not. If your name is on the line and a renter sues, that's your ***. I would look a little more into how to properly structure yourself when setting up rentals to avoid headache down the line.
If you talk with any lender they should be able to answer any questions you have though. That is what I would recommend. Good luck brotha!