LLC Owned Rental Prop Financing Woes (TX)
Beginner's oops! Looking for way to finance my LLC owned rental.
I have a fabulous lender and told him we were looking to purchase a rental property. He sent over prequal pprwork. I didn't think to mention that our LLC was to purchase and own the rental, and not me personally. That tidbit of ownership put a halt to being able to work with him.
Am I looking at going through a community bank? Having an ARM? This is completely new territory as we have stellar (personal) credit and I had not given a thought to not being able to obtain at 30yr fxed 4.5%. Then paying on principal.
This is new territory and I would like advice on how to proceed in finding a lender for my LLC property (we are in TX)
Thank you
-Alis
Most Popular Reply
There is no real need to use an LLC at all unless you have equity partners. The supposed extra protection is largely non-existent. What you need is manageable risk. Buy SFR or MF up to 4 units in your own name and get $300k liability insurance (maybe more on multi-unit) on each property along with a $1-3 million Umbrella policy over all of them.