House Hacking: FHA/203k Loans and LLC's?
Hello all,
My name is Dominick and I am new to REI/BP and I am excited to get started. I have been reading as much as possible on REI for a couple months now (Larry Loftis - Duplexes, Triplexes, and Quads, McElroy - ABC's of RE, Lindahl - Multi-Family Millions, Gallinelli - What Every REI Needs to Know About Cash Flow). I am looking to purchase a multi-family soon (with plans to live in one of the units) and am considering using an FHA or 203k loan to get started.
My original thought-process on a starting point was to set up an LLC in order to protect myself before even beginning to analyze deals. My question is: Would purchasing a multi using an LLC negate my eligibility for an FHA/203k loan? Do multi's need to be purchased in your personal name in order to obtain these types of financing?
I appreciate anyone's feedback.
Thank you,
Dom