Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Danielle Matt
  • New to Real Estate
  • Bridgeport CT
0
Votes |
3
Posts

First investment property

Danielle Matt
  • New to Real Estate
  • Bridgeport CT
Posted

Hello, so I'm still working on getting my first investment property and it's under an FHA loan. I won't be really living at the location but I'd like some feedback on if it would be a difficult procedure to put the property as an LLC. I'd like to hear your thoughts on this if you think it's a great idea and also any steps going forward to having it as an LLC investment property.

Most Popular Reply

User Stats

1,784
Posts
757
Votes
Shaun Weekes
  • Loan Officer / Processor / Life & Health Agent
  • Rancho Cucamonga, CA
757
Votes |
1,784
Posts
Shaun Weekes
  • Loan Officer / Processor / Life & Health Agent
  • Rancho Cucamonga, CA
Replied
Originally posted by @Danielle Matt:

Hello, so I'm still working on getting my first investment property and it's under an FHA loan. I won't be really living at the location but I'd like some feedback on if it would be a difficult procedure to put the property as an LLC. I'd like to hear your thoughts on this if you think it's a great idea and also any steps going forward to having it as an LLC investment property.

 You have to live in the property and it has to be under your name.  Don't get caught up in mortgage fraud, it's not worth it at all.

Fha loans are for primary residences only.  After you've lived there for a year or refinanced the home into a conventional loan you'll be able to do some of the things you have mentioned.

Loading replies...