Should I Purchase My Investment Property In My Name or LLC?

[Robert Cooper]

Hello Biggerpockets Community! I am struggling in deciding whether to purchase my first investment home in my name or use an LLC. I did an extensive research and understand the concept of LLC as well as pros and cons of having it. The issue I am having is I want to purchase my first investment property using my LLC but the requirements my community banks are sharing with me is higher than I anticipated.

I call few of the community banks in my area and they are requesting 20 - 25% down payment for an investment home with 2 months of reserve for my primary residence mortgage and investment property. And if I was to purchase it as a second home they are requesting 10 – 15% for down payment and the property will have to be at least 50 miles from my primary home.

I really want to do the right thing as I am purchasing this home for investment purpose and will like to put this in an LLC to separate it from my personal assets and be cover from a liability stand point, but can't really afford the 20 – 25% down payment. I am okay with the meeting the reserve.

My question to BP community is, are there banks that work with investors to purchase an investment property with 10% down using LLC, if so could you please share with me. Any advised/ feedback is appreciated. Thank you!