Should I start a LLC to buy my 2nd property
Hey I am currently house hacking a home I own with my brother. I have about 50k aside and a 800 credit score but only made 30k on paper for the year. I'm worried I won't qualify for a mortgage because of my income. Should i look to start a LLC to buy my 2nd property ? Looking for some advice. Thank you!
#5 Multi-Family and Apartment Investing Contributor
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- Shelton, WA
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#5 Multi-Family and Apartment Investing Contributor
- Investor
- Shelton, WA
@Michael Chwalek welcome to BP. It will be harder to get approval as an LLC because it has no credit history whereas you have great history. Talk to several local lenders. Or look up top left, see the tab build your team there are lenders there. All the best!
You'll want to talk to a mortgage broker or banker about what amount you can qualify for. Have you considered purchasing outside of the NYC / LI area?
Also, what is your savings rate? How long before you accumulate another $50k? Would your brother be involved as well?
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