21 Year Old with stable income and father looking to invest

[Ryan Mattson]

Hi all,

I'm currently living with my father in an apartment in the Bay area, California. I'm quite interested in closing my first deal for a home, but am at a crossroads. I only personally have around $10k in savings, but my father has around $120k ready to go towards a down payment. We would like to purchase either a multi-family home and occupy one unit, or a single family, condo, mobile homes, etc. to generate cash flow. I am aware of the prices around the Bay Area and will probably be looking just east of our town where prices are lower. I also plan on starting an LLC to own the property/properties of which my father and I will be the owners of.

A couple topics I'm curious about:

How can I, as a 21 year old with a credit history of only around a year, be a part of this deal/mortgage and help boost my reliability as a home/property owner for deals I make myself/with him in the future?

If we own an LLC, should I open a separate account with my bank and only engage in property transactions with that account?

Thanks everyone for your help, I sure can use it!

-Ryan

[Nikolas Ferreira]

personally i would set up a separate bank account for the LLC. it will just make things easier for when Tax season arrives. BUT since im not a CPA i suggest you talk with a professional near your area and discuss what would be the best options for you situation.