That will be a commercial loan, more than likely. So, not sure how the secondary market fits into that. Any conforming loan should be saleable, as far as I know, but I'm not a note expert.
I'd tend to take the opinion of an accountant over an attorney on that question, but that's just me.
rental. And I wanted to buy using a conventional 30 yr fixed. but I just got off the phone with a lawyer who said secondary markets don't like loaning to LLCs
That will be a commercial loan, more than likely. So, not sure how the secondary market fits into that. Any conforming loan should be saleable, as far as I know, but I'm not a note expert.
I'd tend to take the opinion of an accountant over an attorney on that question, but that's just me.
Hi Diane. I am new too. Based on what I've learned so far though, the answer depends on your goal and the level of protection you want. As an individual you (and all of your assets) are exposed in the event of a lawsuit; whereas, there is limited liability with an LLC - meaning the lawsuit can only get access to the assets of the LLC.
That is my understanding. But I certainly suggest you Google it, consult a real estate lawyer and resources within BP.
@Diane Stinebaugh I do, but it was my primary residence and was not purchased with all the understanding and intent of being a rental property, so I still consider myself new.