21 Year Old with stable income and father looking to invest
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