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Updated over 6 years ago on . Most recent reply

Kyle Fitzpatrick's profile image
Kyle Fitzpatrick's profile image
Kyle Fitzpatrick
  • Flipper/Rehabber
  • from Bloomington, IL
  • Member since Nov 25, 2018
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Kyle Fitzpatrick's profile image
Kyle Fitzpatrick's profile image
Kyle Fitzpatrick
  • Flipper/Rehabber
  • from Bloomington, IL
  • Member since Nov 25, 2018
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Kyle Fitzpatrick
  • Flipper/Rehabber
  • Bloomington, IL
2
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26
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Starting Out

House Hacking using FHA loans

Kyle Fitzpatrick
  • Flipper/Rehabber
  • Bloomington, IL
Posted

I want to house hack a quadplex preferably using an FHA 3% down residential loan . However, this would leave me personally liable for lawsuits without using an LLC (which I have). What is the best strategy in this situation? I have the option of using a commercial loan 20% down taking a mortgage out in my LLC's name but that leaves me very inflexible to start in case something were to happen. Thanks

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Zack Karp's profile image
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Zack Karp
  • Lender
  • from Schaumburg, IL
  • Member since Jul 1, 2015
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Zack Karp's profile image
Zack Karp
  • Lender
  • from Schaumburg, IL
  • Member since Jul 1, 2015
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Zack Karp
  • Lender
  • Schaumburg, IL
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Zack Karp
  • Lender
  • Schaumburg, IL
Replied

@Kyle Fitzpatrick

Easy. Don't do it in a LLC. Instead, get a $5M umbrella policy on your homeowners insurance. The premium on that coverage is less than the cost of forming the LLC and the ongoing expense of renewal and tax filing.

Best of luck!

  • Zack Karp
  • 847-387-5513
    • 2 Votes
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