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What are the Pros and Cons of adding a partner to my LLC?.
My son graduated college last year with his MBA and had 20k he wanted to invest. I was full on with learning a lot of strategies to use at that time so I opened an LLC, took out a HML for two properties to BRRRR and a HELOC on my primary to buy a third property to also BRRRR. my son put in his 20k for rehabbing the one property. Now we are ready to refi out of all three and my credit score took dump because of credit utilization ( I'm at just over 610 on the Experian site 90% utilization). Could or should I add my son to the LLC as a partner to use his credit score (740) to pull our cash out?
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@Michael Plaks Thanks for the advice, I would never have thought of that.