prepare for an age old debate on this forum.
you can't get good residential mortgages for an LLC
my opinion is to move the home into your personal residence and get the good financing, the liability is negligible.
if you insist on keeping it in the LLC name, you'll have move it to your personal name, get the good mortgage, then quit claim it back to your LLC. The liability you now have towards the bank is similar to the liability of having it in your personal name, making the process IMO moot.
your last option is to get a commercial loan, but this is tedious and will crush your profitability.
Do you live in the same state as where the property is located?
Thanks Alexander Felice
Yes Bob Green I do. Same state as myself and same state I set up my llc.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.