Loan for Short Term Rental purchases
Hello Everyone! We run and own an STR property and it has been going very well.
We are curious as to how we can speed up the acquisition of new properties by utilizing an outside loan and this brings me to some questions. I searched through the forums and could not find a good answer for this.
What kind of loans can be used for a real estate purchase?
Is running an STR considered commercial and therefore can we use commercial loans?
In that case would we need to LLC and then move our properties under it?
Does anyone know the best way to go about this?
To be clear we obviously know of traditional mortgage loans but want to know how to use loans to essentially fund down payments + closing costs.
Thanks so much!
Noah