Buying first property within an LLC

[Jotham Busfield]

I have heard from a few lenders and other sources that banks won't lend residential financing to an LLC trying to purchase a small multi-family home (2-4 units)...that you have to buy it personally, then possibly switch the title into the LLC...

Is this accurate?  Most of the podcasts/books I have come across have never mentioned this as an issue, can anyone shed some light on this topic?

Thanks!!

[Anthony Barbato]

This is what most people do. Getting financing through your LLC is next to impossibly. Buy the property in your name, wait a month or two, and transfer it over to your LLC.

Please keep in mind that most mortgages have a "due on sale" clause. When you transfer the property, the bank has the right to call your note due, but the likelihood of that happening (assuming you are making your payment on time, etc.) is slim to none.