For my next investment I’ve decided to partner up and go commercial. I’ve sent feelers out to a few friends and they are all interested. In fact there are too many people interested and I’d like to keep this initial venture small. The plan is to pool some money together, form an LLC, purchase a property, add value to the property, then 1031 into a larger property.
My first step is to find out how much initial capital we will have to start with. Once that has been determined we will need to see how much we can borrow. I’m not sure how commercial lenders view a new LLC or its members when it comes to loans. Who’s credit is used or who in the LLC needs to guarantee the loan?