Package Triplex and SFH First Deal with LLC or Personal Loans

[Tyler Kneer]

Hey All!

My partner and I are looking to buy our first property(s) and we have our eyes set on a package deal. This package includes a triplex and one SFH. Their current listing price is $115,000 each or $230,000 total and "must be sold together" though I believe this price can be negotiated lower.

The listing states that these properties have the ability to be turned into a fourplex (Adding a unit to the existing triplex) and a triplex (SFH).

As this is our first deal and we, unfortunately, do not have $230k sitting around we will need to acquire a loan.

We have set up an LLC as a 50/50 ownership with a business partner. We are both young (21/22) and have credit scores of 740+ each.

We have never acquired a mortgage loan before and are inexperienced in the subject.

1. Should we use the LLC to purchase the property?

2. If so because it's through the LLC does this change our loan options?

3. Do we not use the LLC on the first deal and use individual loans like an FHA?

4. How can we purchase this property for a lower down payment than 20%? Does the property producing cashflow help us?

5. Would taking the BiggerPockets calculator numbers with me to the bank help us with down payment and interest?

All advice is welcome! Thanks!