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Updated over 3 years ago on . Most recent reply

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Bryce V.
0
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7
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First time buying, what should I use for the quit claim deed?

Bryce V.
Posted

I’m looking to buy my first multi family (two houses on one property) in Indiana via quit claim deed from a friend. The property is already cash flowing a year I will owe nothing on it once the purchase is complete. I plan on trying to get a home equity loan to grab my next multi family investment property (which may need rehab or not). I’m debating between using my existing llc but heard it may be hard to get the loan if the llc isn’t old enough or made much money (I mainly use it because I prefer the privacy and of course protections). Is it true that I would have a problem getting one? Also wonder if using it would leave me in the running for getting an fha loan in the future, thanks in advance!

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114
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56
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Scott Swanson
  • Griffith, IN
56
Votes |
114
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Scott Swanson
  • Griffith, IN
Replied

Bryce, I'm with @Troy Brown. use a warranty deed. Do you know for a fact that there's no liens on the title or any issues with it? A quit claim deed will make you responsible for any issues that might be on the title. Best of luck.

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