Looking for first property

[Andrew D.]

A partner and I have started up an LLC and are currently in the process of seeking out a lender. We will be purchasing SFH around the Raleigh area and hope to purchase one each year as a buy and hold. The homes will be around the $130k range, less would be better, but this is the price range for the type of tenant we want in our area. I know most of the + and - about LLC versus other options. As a partnership, it seems that LLC is easiest.

The obvious goal is a low rate with a 30 year ammort. There aren't any of those that we can find that will lend to an LLC. The only options we can find are balloons with up to 20 year ammort. The best option we have found is a 10 year balloon with a 20 year ammort. I need to get the specifics, but I imagine the rate adjusts after 5 years. Does anyone have a recommendation for a lender that will do 25 or 30 year ammort so we can increase our cashflow?