Loan help for rental properties
Went ahead and got my LLC, next I felt it was time to look into getting pre-qualified for a loan. Now I thought since I was doing this through the company I needed a commercial loan. Soon to find out I would need to put down about 20-30%.. I would like to do this the right way.. which would be through the company. Now I know most of you guys starting out shoot for putting the least amount of money down out of pocket and try to get the rental flow to cover everything needed. I know i will need a downpayment, but 20-30%?!? I was thinking in the 3-10 range. I was talking to Wells Fargo about this by the way.
Any suggestions for a business just starting? I dont have the money to throw out 20k.. let alone on each of the rental properties I would like to start. I put in 54+ hours at work a week, i make money plus should have good credit. They didn't want to talk to me since I was a first time buyer and i didnt have the downpayment. ehhh, they just dont give money out? (just kidding) :beer: I'll be mostly dealing with SFH's , such as a single or double wide.
thanks for the help
Sean Gallagher
Prosperous Properties, LLC