First investment property
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.
I thought FHA loans are for individuals (not llc) and you have to be living in it as your primary residence.
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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.
@Shaun Weekes thank you so much