Best way to finance a rental purchase

[Sonia Martinez de Simon]

Hi, I need some advice as I want to start building a rental portfolio and it seems complicated, but then I see a lot of people doing it like they’d buy groceries… I studied the area I want to invest in, I looked at vacancy rates, rental rates, cap fates, noi….and I do have an excellent credit score and some $100k saved. So I guess I’m ready to jump in?

My question is how do you guys start the process… do you start by creating an LLC? If so how do you do it (sorry, I relocated from Europe and are a bit lost with legal procedures here) I'd like to know how to create a LLC and what's needed (do I need legal services, like a lawyer?)

Then, after creating the LLC is when you get a loan? Or do you rather get a personal loan and then transfer to the LLC? I have a mortgage with a 3.5% interest and would rather expand that one instead of getting a new one at the current rate of 7%, is that possible here ?

How do you all do it? Please help, thanks

[Richard Elvin]

@Sonia Martinez de Simon to start the process, talk with several banks. Local credit unions are usually a great resource. Where I'm at (SE TN) the credit union I bank with only does 20/80 loans for investment property. Meaning I'll need to put down at least 20%. Another local credit union does 15/85 loans, which is 15% down. Keeps more $$ in your pocket, but makes it harder to cash flow. This is why you need to talk with several banks/credit unions. You don't have to put in an application with them, if you talk with an investment loan officer they should be able to tell you what loans are likely available at your credit score.
Once you've found the right fit for a loan, talk with several insurance companies or an insurance broker. Get an umbrella policy that will cover you. This is much cheaper, easier, and a better option that an llc, in most cases. If you really want an llc, see a local business lawyer. Seeing a business lawyer isn't necessarily a bad idea. Locally (SE TN) they're about $180/hour and sometimes the initial consult is free. 
If you see that an llc is a good fit for you, then yes, setup the llc, then get a loan in the name of the llc. If you are going this route, talk with a local lawyer. They will be worth the $$ and you will have a relationship if you need them again, eviction, lease agreement, lease adendum, etc.
This is just the opinion of someone on the internet. It's worth about what you paid for it. :)