Buying Property under an LLC

[Lucia Lilac]

Hello BP!

I am currently in the market to purchase my 3rd investment property in Rochester NY. I purchased the first 2 under my name but have been doing some research that buying under an LLC is safer. I created a LLC but I am having a hard time finding a Bank that will allow me to purchase under my LLC. I did some research and it seems like it's pretty hard to purchase an investment property under a New LLC. I saw some people saying they put their properties under an Umbrella Policy. When I spoke to the bank all they said to me was I had to work with a "Business Bank". I am unsure if I should continue looking for a bank that will let me purchase under an LLC or if I should put my properties under an umbrella policy instead. Any advice would help on this topic, thanks in advance!

[Brian Buxton]

Hi Gloria. I also invest in Rochester and am familiar with local investor friendly banks. Look into CNB, Lyons, Upstate Bank, and Family First Credit Union. Portfolio loans (I believe this is what you meant by "umbrella") are common for these banks and they are definitely able to the written for LLC's.