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Updated about 2 years ago,
Purchasing second home as rental using an LLC
We are looking at purchasing our first rental property and going the route of getting a second home mortgage. Some advice I had been given was to create all LLC and purchase the place through an LLC. What I am starting to learn is that many traditional lenders will not lend to an entity such as an LLC and if I purchase it and then transfer to my llc the bank may call the loan due. My question is, is it even worth doing the LLC on the first one since the mortgage May be difficult to get or are there lenders out there that will lend to an entity such as an llc? We want the protection that could give us but I definitely don't want to have my loan called due or spend a huge amount of time just trying to get a loan only to find out I can't go that route. Any advice would be appreciated or suggestions on lenders we should look at. Thank you all