Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. 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.
Buying & Selling Real Estate
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 over 3 years ago on . Most recent reply

User Stats

3
Posts
0
Votes
Varun Kumar
0
Votes |
3
Posts

Rental Investment Property, LLC question

Varun Kumar
Posted

I along with 3 other family members bought an investment property in Seattle for around 650k. We took the loan/Mortgage (20% down)on my name(Investment Property) as others have issues and are unable to be on the loan. I am a first time investor with a salary of 120K plus. They suggested that we form an LLC and put the sale deed of the house on 4 of our names. I did the down payment and they will transfer their share upon closing the house(already in process) and completion of the LLC. Plan is to have a management company manage the rentals and the rent will pay off the Mortgage(Nothing goes out of our pocket every month).

While I have this property on my name, my questions/concerns:

1.) Will I get loans for Primary in the future. If so how long should I wait, will the interest rate be high?

2.) Will I get loans for Investment properties in the future. If so how long should I wait, will the interest rate be high?

3.) While creating the LLC can I have them create it such a way that although others are on the loan I get to decide when to sell it? If so what is the way?

4.) My goal is to make sure the 530K loan does not become cumbersome to a point where I am unable to make personal investments?

Loading replies...