Jeremy Butler wrote:Wow Travis! Thanks so much for that info! It's super helpful and you answered so fast! I'll Look more into the FSA guaranteed loan. I just checked the list of lenders in NC and there are 55 of them! Do you think it would help to form an LLC for that? What are your other questions?
Travis Johnson wrote:I was really afraid I was coming across as a Know It All which I did not want to do, yet let you know that I did buy farm land with a farm real estate loan too. How I did it, may be vastly different than how you do it, but I can only tell you my experiences after all.
Travis Johnson wrote:I do not know anything about LLC's, but I might just try and keep things as simple as possible. With most of that stuff, it can both help, and hurt you on a loan. In my experience, lenders really wanted to help people, more than corporations, so I would tend to think that an LLC would hurt you. But that is just a guess. With the bank I went with, your "story" is 50% of the loan; the ability to pay it back is only 50%.
Travis Johnson wrote:I guess my biggest question is, why bring so many partners into the ownership mix? I have seen some partnerships work, but not many so when I hear people suggesting partnerships, I start to wonder what each person brings to the table, and why they are vital to the success of the operation. Two people are hard enough to get along with, but three is that much harder. BUT I do not know any of you, so what I just said is 100% based on probability, and not anything profound.
If your friend is part of a Federally Recognized traibe, just as an example, she will not need any of you others to help fund the land purchase, she can get that on her own. So that is why I wondered why (3) people, from (2) states were trying to get together. That is not a judgement call on my account, there may be a valid reason for it after all.
Jeremy Butler wrote:I'm very interested in how you pitched your story to get them to approve you.