Updated about 9 years ago on . Most recent reply
First Investment Property Financing
My local market is small and I know it well, I have found a fourplex that I intend to purchase as my first investment property. I meet the debt to income requirements to qualify for financing from a local bank and the property has positive cash flow. I do not have enough cash for the down payment, however, I do have an investor who will provide the additional cash needed for the down payment. He prefers not to be on the loan as he is currently doing a large commercial deal. I want to purchase the property under an LLC, what would be the best way to accomplish this? Create a single member LLC and create an agreement with the investor for this one specific property? It is my goal to complete this purchase, increase the cash flow on this property, increase property value, and continue to add more properties to my portfolio in the future, possibly using the same investor for the next deal. Any ideas/advice will be very much appreciated.