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Updated about 3 years ago,
Can you rent a property from your LLC?
Hi all,
I'm hoping to move to the US hopefully this year (Tampa) and would ideally like to get into a house hack/my own property straight away as rent is rather expensive. However I don't think this is likely as I'll have neither a credit score or history of income (either in the US or in the UK) and don't have enough cash to purchase somewhere outright and doubt I'd qualify for a regular residential mortgage. I'm aiming to buy an existing business in the US though which would have proof of income that I could show if that would be possible.
My question is whether it would be possible to get an investment/asset loan (based on the property income/performance not my own credit/income) itself under an LLC and rent it to myself. I'm aware that investment loans are strict on not being for owner occupied which is why I'm interested in knowing whether renting to myself gets around that? As a side question, if it's not possible to rent from an LLC which you own would it then be possible to rent from an LLC owned by a family member?
I'm just trying to think of a cost effective way to live without paying rent to someone else if I can rent my own property or from a family member and buy another property when I can qualify for a residential owner occupied mortgage.
I appreciate any ideas and replies. I plan on speaking to some lenders but thought I'd ask here also.
Thank you