LLC would be best, at the very least have everything in writing, it may be a bit harder to get financing but it is doable.
@Aaron I have done some research through bigger pockets. Specifically, the argument and rebuttal surrounding the use of LLCs. The author for LLCs mentioned that if you are the sole owner of the LLC it is possible to get personal financing rates but have the entity own the loan. How common is this?
It is fairly common but not all lenders do it, it will be harder if there are multiple owners of the LLC especially if they are not immediate family.
For future reference when tagging someone type the @ symbol then the first few letters of their name, then select it from the drop down, this way they will get notified when you mention them.
@Aaron K. thanks. A follow on question I have if I were to utilize personal financing would be, should I use my VA loan? My course of action would be to purchase a multi family using my VA, live in one of the units until I move duty stations (about 2 years) , then keep it as an investment property. Any opinion on that?
Using your VA loan will probably be your best option, but I don't think you can use it in an LLC or with other people aside from immediate family members (Spouse, children etc.)
@Aaron K. thank you for taking the time to answer my questions. Much appreciated!
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you