Where To Borrow For LLC

[Aidan Alexandre]

A friend and I have started an LLC to begin real estate investing. We plan to flip houses to start and eventually branch out into different forms of real estate investments. We are approved for a HELOC of $100,000, but would like to use that money mainly for down payment and repairs if we decide to take it.

If not we could work out a down payment with cash, and finance the repairs through our day jobs. The problem is, we don't know where to go to finance the house under the LLC. We were hoping to get a much higher HELOC because of the amount equity in the home, but the debt to income ratio was just over the limit by a few percentage points.

The debt can be lowered and we could achieve a $230,000 HELOC, according to the mortgage broker. Should we attempt to lower the debt to income ratio, and get the HELOC increased to give us more wiggle room? Or stay at $100,000? And where should we look to get financing for the mortgage?

It is our intentions to only have the property for a short term, we don't plan on using the HELOC again, as long as we meet our goals. If all goes well when our money is liquid again we would roll it back into another investment. We are pretty much just looking to get ourselves in so we can learn through experience, and create a portfolio.

Any advice and knowledge would be very much appreciated, we are excited to get into the business!