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Using existing LLC to increase accepted income
HI all, I am buying a duplex (my first investment property). I have a LLC for my restaurant which has been in business for about 4-5 years. I'm considering putting the property under this business name. First, I would enjoy the protections that a LLC provide. Second, and I'm not certain on this and this is the basis of my question. Whenever I talk to bankers and other property investors, they say rental properties income can not be used for the first 2 years for getting approved for future loans. (I believe that is true for any type of new business, not just rental properties). If I put my rental property in the existing business LLC, Im thinking I could use that income immediately to help get approved for future property purchases. Is that true? Does that question make sense? What are other pros and cons? Thanks.