First time purchase

[Jason Holmquist]

Hello everyone. I had a question regarding my first purchase. When applying for the loan, should I do it in my own name, or create an LLC and apply in a business name. Eventually I want to put all properties in a business name but I'm worried going to get a loan, whether or not hard money or conventional, that my first attempt will be more difficult if it's my business's first attempt at getting a loan. Any suggestions?

[Patrice Penda]

It depends on what you are trying to do.
Are you looking to flip? Would you be seeking a loan from a HML on conventional lender?
Will you be living in the property or renting out? How much down payment have you got?

Generally speaking, if you are looking to live in the property or rent it out and be getting a loan from a conventional lender, you are better off putting under your name, simply because you'll have a hard time getting a loan otherwise.
If you'll be flipping, an LLC is better but the capital you need upfront is usually larger.
It all depends.

Hope it helps.