Updated almost 11 years ago on . Most recent reply
first purchase.
banks are closed today (presidents day) but I found two properties that are exactly what I am looking for. My question as a first time buyer how do we buy these homes through an llc. I'm guessing the banks are going to look at our personal financials. Also our llc hasn't even been set up yet. This is happining a little sooner than planned but the numbers work and its a great deal. Just trying to understand how the llc home buying process works. If possible (to speed up the process) can we buy them personally and sell it to the llc once it gets filed? Am I going to run into troubles doing this? Thanks!
Most Popular Reply
@Daniel Dexter Conventional loans will not allow you to buy in an LLC. However, if you're buying cash, just have the contract put in your LLCs name. Most people want to utilize leverage therefore making that impossible.
It isn't unheard of to buy two properties at once. My brother and I co-own all of our properties. We have personal mortgages on them, but every rent check is paid to our LLC and every expense comes out of our LLC. The only danger lies in the personal liability with the mortgage in your name.