I want to apply for a Business Loan so that I can buy investment property to rent out. I have an excellent credit, a condo that is currently being rented out but I do not exactly what kind of real estate should I do Business? I want to start by myself with no one else's help, any suggestion on what should be my small business about?
Well first off you need a business plan, capital to back it up. Without those things, it could be difficult to get started. Do you really know what you're doing? Have you done your homework?
RE is a nice funding so long as thoroughly investigated, and the growth in foreclosure has opened truly property making an investment up once more to new avid gamers I could advise that you don't purchase the estate to your title and allow the manufacturer Carry the paper, it's going to deliver you larger safety in your private resources, even though as a rule a sole owner does no longer have a lot safety besides... seem at a feasible re-group of the trade. Talk in your tax accountant and legal professional for the excellent recommendation. Lenders can do what ever they wish, nevertheless they'll most likely push to have you ever signal on as a private warranty, where case you're no longer protective your private resources both method.
They don't do business loans strictly for people to be in the buisness of owning and renting real estate. I think you are confusing SBA (small business administration) loans made to small business people to buy commercial property for their busnesses. But this means their business is something else that is not being a landlord. Now the SBA rules are you must occupy at least 51% of the building so you can rent out the other 49% but you must have a resonably profitable other business to quilfy for the loan. Basic requrirements are 2 years tax returns on the busniess in question and reasonable figures; ie you can't show you've been paying $500 a month on rent then apply to buy a building were the morgage is $10,000 a month, it's got to be with in reason.
