Home Buying in Dallas>Question Details

chbdelena, Home Buyer in 75252

Buying income property as an LLC in Dallas, TX, looking for finincing

Asked by chbdelena, 75252 Sun Jan 6, 2013

We are working on forming LLC between three members each of us owns an investment property. We would like to buy to buy income property in Dallas as a new formed LLC. How do we find financing and what are the rules on buying condos for investment purposes. Will appreciate professional contacts

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4
Hi,

You can find financing here or a local realtor of that area which can explain you the price margin and investment options. One of the great attributes of a condominium is that you don't have to mow the lawn or fix the building's plumbing. Also, you need to know how much are the monthly condo fees and what does it go towards.
0 votes Thank Flag Link Tue Apr 9, 2013
Hard money lenders or private money will generally be your best options. Just do an online search for HML's or PML's in Dallas and review the web sites for their respective terms, conditions and costs. You will generally be paying 2 to 4 points upfront and 12% to 14% annually...and some will have prepayment penalties. However, you will have a hard time finding direct "lenders" and will likely end up with brokers who will tack on their fee.
0 votes Thank Flag Link Sun Jan 6, 2013
Feel free to give me a call. I may have a resource for you.
It will depend what you want to do...flip or buy and hold.
It is tough to get financing in LLC in my opinion.

Condos....there are some tricks...but it is possible....the problem is finding the right ones to buy for investment. These are tough on returns when you calculate in HOA dues in most cases. There are a couple of exceptions and once in a while something comes along.

Feel free to give me a call and we can discuss.
0 votes Thank Flag Link Sun Jan 6, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Contact any lender of your choice for financing.

Kenny
Turtle Creek Realty
0 votes Thank Flag Link Sun Jan 6, 2013
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