I am certain that after posting this, I will get amazing responses and I have complete faith that someone here would be able to assist in this inquiry that I have. Be patient, as I will be thorough and the post will be long. However, if you find that I am not specific enough, please get in touch with me for more information, and I will gladly reply; my contact information should be within my profile.
WHAT I NEED HELP WITH:
Forming an LLC- I will purchase my investments with this company.
Creating a Business Plan - I already have completed 75% of this plan, however I need more accurate estimates
Getting Funds - I will use my plan to HOPEFULLY get the necessary funds I need to start my company.
And that’s where I’m stuck!
GOALS:
Purchase an existing apartment complex, OR have a new one build. I only have $10,000 and need to get more money to get this up and running. Please help!
How much does the apartment complex costs? Most lenders require 20% down plus closing costs for conventional loans. There are some loans available that will only require 10% down.
Having an apartment built will require lot more funds.
Instead of (1) on your list being form an LLC,
I believe you should consider (1) being find a money partner or partner experienced in building an apartment.
Then (2) form an LLC with the two (or more partners) of you as partners. And by the way the partnership does not have to be equal. I know an individual that has set up several LLC’s and purchased several hundred apartment units without putting much of his own funds in any of the deals. In fact after the first he has put none of his own funds. He just takes a 10-15% interest in the LLC for finding and putting the deal together.
Commercial lenders usually have no problem closing a loan in the name of an LLC or other legal entity. Nor do they usually care which of the partners has the funds needed for downpayment, reserves, etc. just as long as one does). Same goes for which of the partners has experience doing what you hope to do.