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Updated about 1 year ago on . Most recent reply

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7
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5
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Stephanie St. Germain
  • Charlotte, NC
5
Votes |
7
Posts

Is an LLC needed before buying the property?

Stephanie St. Germain
  • Charlotte, NC
Posted

Hi, 

I'm just starting out in my real estate investing journey and am looking to buy a single family home to buy and hold as a long-term rental. Do I need to have an LLC set up prior to obtaining a loan or can I have the mortgage in my name but then still buy the property under the LLC name?
At the moment I do not have an LLC set up, but I’ve already been pre-approved for a conventional loan in my name - can I use this to obtain the financing but still have the property under an LLC or does the loan need to made out to an LLC and my pre-approval is basically useless? 

Most Popular Reply

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482
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123
Votes
Richard Loniewski
  • Real Estate Agent
  • New Jersey
123
Votes |
482
Posts
Richard Loniewski
  • Real Estate Agent
  • New Jersey
Replied

Not Really, I just put property offers under the street name LLC (like 123 Main ST LLC). If I get the offer accepted then I form it, but you need to know timeframe in your state for getting one, so you might need to get in advance. In NJ you can create one online almost instantly.

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