Salon owner looking to diversify

[Stacey Rackham]

I currently operate my salon business under my LLC in Michigan. I am looking to add diversity to my business and live in a populated rental area/Detroit.

I own my current home with a mortgage and purchased in 2018. It’s a bit larger than I need currently. I had a roommate for a year to offset the mortgage. I no longer desire to have a roommate. My home has increased in value approx 40k.

Inventory is low here currently.

My q: do I work to get a mortgage under my LLC w a commercial lender for a residential property?

Do I list my current home and downsize to decrease my monthly expenses and set aside the extra money monthly to invest in a property with a heloc or some other financing options?

I’m concerned that I won’t be able to have two mortgages under me personally to maintain my home in Detroit and invest in another property nearby.