Selling an FHA loan property to my own LLC after 1 year occupancy
Hi Everyone,
I have seen some similar posts relating to the topic, but none seem to fit the purpose of what I am looking for.
Essentially, I am thinking of purchasing a multi-family property under an FHA mortgage, renting out one unit and living in the other for one year. I believe this will allow me to have a small downpayment of 3.5%, while possibly benefiting from lower interest rates than a conventional loan.
After the one year occupancy period has passed, I was hoping to sell the property directly to my own LLC. This should allow me to be more protected and I can rent out the second unit for more cash flow. Does anyone know if this is possible to achieve?
Secondly, if FHA loans can be 'assumed', then would it be possible for my LLC to take over the FHA mortgage from myself to continue benefiting from the lower interest rates?I'm looking forward to hearing peoples thoughts on this.
I am trying to get myself into the real estate market, so I am a complete newbie here. Any info you guys can provide would be greatly appreciated.
Thanks,
Gary.