Loan Options for Newbie

[Devin Janke]

Just closed on my first investment property and I got an investment property loan and put 20% on the house. I am now looking at getting a second property and having a hard time figuring out financing for a second place. I currently rent a trailer park but would like to buy my next investment property as a primary residence or secondary residence if possible. From my understanding it would be illegal to buy it as a primary residence if I don't plan on living there the next year but I am not sure about the secondary residence. I am also going to be transferring my investment property to an LLC I created but was told I won't be able to use any of the income I generate from this property to help me get a second loan until I file for taxes next year and can show an income. I am not going to be paying myself from this LLC and want to keep all the money in it to help me buy more properties. Any insight would be greatly appreciated!