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Updated over 8 years ago on . Most recent reply

Ann A.'s profile image
Ann A.'s profile image
Ann A.
  • from Marietta, Georgia
  • Member since Aug 16, 2013
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Ann A.'s profile image
Ann A.'s profile image
Ann A.
  • from Marietta, Georgia
  • Member since Aug 16, 2013
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Ann A.
  • Marietta, GA
4
Votes |
11
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Starting Out

Newbie - LLC question

Ann A.
  • Marietta, GA
Posted

I am new to REI. Still learning and do not own any investment property yet. I am networking and listening to podcasts and gearing up for my 1st investment. LLC seems like a no-brainer to me to protect my personal assets. But the questions is, would a bank give loan to a new LLC which has no credit history? How does that work? I have excellent credit history. How does that tie in with the LLC situation? Any suggestions on what else I need to have (in addition to LLC) to have my ducks in a row before I buy my 1st investment property?

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Chris L.'s profile image
Chris L.'s profile image
Chris L.
  • Lender
  • from Hunt Valley, Maryland
  • Member since Feb 10, 2016
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Chris L.'s profile image
Chris L.'s profile image
Chris L.
  • Lender
  • from Hunt Valley, Maryland
  • Member since Feb 10, 2016
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Chris L.
  • Lender
  • Hunt Valley, MD
30
Votes |
83
Posts
Chris L.
  • Lender
  • Hunt Valley, MD
Replied

Hello Ann,

An LLC is definitely the way to go. You title the property in an LLC but the bank will still make you sign as a personal guarantor for the LLC. Hope that helps.

Cheers!

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