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Updated almost 7 years ago,
First time investor - Loan/Home in LLC's name or my name?
I am just looking to get started. I have read a good deal and many sources say to hold property in the name of an LCC. When I have spoken with lenders they say I can not do that. Perhaps it is because I am new or perhaps it is because the LLC I have not created yet has no financial history. My questions are these:
Should I just buy a property in my name and self-manage it under my name?
Should I explore getting a mortgage in the name of an LCC - perhaps I just have not spoken to enough lenders. I have the capital to easily put 20-25% down on the properties I have been looking at. I do not have the money to buy 100% cash so I will need some financing.
If I own the property in my name should I create an LLC to manage the property?
My goal is to buy and hold several properties over the next few years. Ideally I would like to get to 10 smaller single family homes in the next 5 years. Obviously, time and experience could modify this.