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Updated almost 6 years ago,
Mortgage for new LLC
I am a new investor who is in mid 30’s and saved up enough to put $60k towards a investment purchase. My question is,
how do I go about getting a loan to purchase a investment property in neighboring state. I liked a SFR for $130k and interested in renting it out via AirBNB or traditional rental( to be decided). What kind of banks will offer a loan up to 60%LTV?
The LLC is a partnership between me and my wife while I am the sole earner of the family. I have excellent credit and willing to guarantee the loan. With my calculations, I should be able to pay-off the loan in about 1-2years in my own money rather than use the rental income. Basically want to establish assets under LLC for long-term investing. May be buy multiple properties under same LLC.
Does the above sound like a good plan? Sorry fairly new here.
Thanks