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01-25-2011, 06:00 PM #1
Renter
- Join Date
- Jan 2011
- Posts
- 1
Financing more rental houses
My wife and I are both in property management and would like to start our own management business. We have 2 rental properties of our own and they are both paid for (bought with cash) and would appraise for about 110k together.
We were wondering, would it be possible to get a small business loan to purchase a few more houses or if we would need to deal with mortgages. Our credit is perfect and we do have assets for collateral.
What is the most effective way to finance going forward?
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01-26-2011, 04:29 PM #2
Fixer Upper
- Join Date
- Dec 2010
- Posts
- 34
Jay,
I hope I've not misinterpreted your question, but I've never known a bank to offer a small business loan on the purchase of investment properties. I'd say you'll have to secure investor loans from my own experience.
As for the mgmt co. startup, I'm not sure the costs involved but I'm sure you can keep the overhead low as you try to pick up business from fellow investors in your town. And you can likely get the business loan you'd need if showing experience in the industry along w/ good credit. Good luck with it,
Hope that helps....Rory
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