First Rental Property Advice

[Garrett White]

Hey BP,

I am a new investor who has been sticking to wholesaling for the past few months in the Durham area. I'm looking to acquire not only my first Rental Property, but this would be my first home purchase.

My main question would be how I acquire the property. Should I buy it personally and take advantage of First Time Home Buyer benefits or purchase under my LLC?

Any and all advice would be helpful!

[Senthil N.]

Buying as Primary residence is much different than buying for investment (rental).  Primary residence only requires 5% down while investment is 20% down. If you don't have 20% down, then you can buy a Multiplex (Duplex, triplexes or quadplex), live in one and rent the rest.  If you live in one of the Multiplex then you can get a loan for 5% or less.  You can read more about multiplex in this link: 

https://www.biggerpockets.com/renewsblog/2013/09/1...

Essentially if you want to buy with the advantage of a Primary residence plus get an investment out of it, you will have to buy a Multiplex.  Otherwise you will have to choose one or the other.  To your other question, my suggestion would be to own the property in your own name.  This is likely good enough to start off with, without going into the many pros and cons.