Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Mortgage Brokers & Lenders
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 10 years ago,

User Stats

135
Posts
34
Votes
Roman Pak
  • Investor
  • Arlington Heights, IL
34
Votes |
135
Posts

Truth behind this tale

Roman Pak
  • Investor
  • Arlington Heights, IL
Posted

I recently purchased my first flip in Arlington Heights, IL. I purchased this first property as a primary residence (non-investment) and the lender for this deal told me that in the future if I wanted to buy and rehab properties I would need to continue buying them as personal or investment properties in my name. 

I've read all over BP that it's possible to buy properties as a business (LLC), is this not the case in Illinois? My lender told me that all future properties would need to be purchased by me and could not be purchased by an LLC, if I wanted them to be in an LLC I would need to transfer them after the closing.

What am I missing here?

Loading replies...