Board Topic: Rental Property under an LLC
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Rental Property

Posted by: Courtney Apr 28 2004, 04:02 PM
I'd like to purchase a duplex, live in one side and rent the other side out. I'd would also like to purchase the duplex under an LLC. Is it possible to obtain financing with little money down and have the mortgage in the LLC name? Or would I have to have the mortgage in my name and transfer it to the LLC? Any comments would be greatly appreciated.

Posted by: loanuniverse Apr 29 2004, 08:33 AM
Courtney:


Let me see if I can help you

I'd like to purchase a duplex, live in one side and rent the other side out. I'd would also like to purchase the duplex under an LLC. Is it possible to obtain financing with little money down and have the mortgage in the LLC name?

I would like to know why do you want to own the property under an LLC?

Frankly, if you are going to be living in the property and are looking to finance a high percentage, you will be better off going residential. There is very little chance that you can get commercial financing with anything less than 20%. On the other hand, lower down payments are possible in the residential area.

You will also be using your personal income as the source of repayment so that can help.

Good luck.

Posted by: don Apr 30 2004, 08:42 PM
Courtney,
I have tried many ways over the years to finance property. The fact of the matter is it all depends upon your needs and goals. I work for a national lender that can lend in al fifty states, Hawaii, and Puerto Rico.
If your mid score is high enough you can get 100% financing on sfr and rental noo property.

Don Lepley
RBC Mortgage
email

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