New Member - And I need advice ☺

[Patti Lawson]

We are interested in a property with a unique situation....

It is a 20 acre property with a main house and 7 rentals all on the same property. The cost is 1.2 million - Yikes!

Our intention is to live in the main house. The 7 rentals generate $7100 per month. We don't have $200,000 laying around for 20% down.  We would need a longer term loan 30 years to make this work for us. A 30 year loan would allow the rent received to generally cover the amount needed for our payment each month. 

Are there loans for small fish for us? Or is this a property for a much bigger, richer fish?

Commercial loan rates and terms would not make this workable for us. I've read a bit about Rental Portfolio loans also, but are those all shorter term loans?

Could we create an LLC to protect ourselves?

Any input/experience shared would be appreciated. 

Sincerely,

Patti - Small 🐟 Fish in a big pond