Updated over 5 years ago on . Most recent reply
LLC Rental Investment Financing
I am starting an LLC with business partners in which we are going to be purchasing single family housing (less than $60k) in Cleveland and surrounding suburbs with the intent to rent them to local counties would be providing at minimum 1 year leases. Houses would not be purchased until we had a signed contract. My partners and I will have $45k in the company and our goal is to find a loan in which we can use the capital as leverage and purchase 2 to 4 houses pending rental agreements with the local counties. We are open to various options, but one thing we do not want to do is have a personal guarantee for the investment(s). I have read about non-recourse loans and have reached out to those banks, but could definitely use some advice and direction. Easy solution is to buy one house in cash, but I have already had multiple phone calls from local counties with a pressing need for multiple housing.