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Updated about 8 years ago on . Most recent reply
Can you get a home equity loan without a full time job?
Greetings Real Estate enthusiasts! My questions is in regards to financing deals using equity loans, cash-out refi or equity line of credit. If I decide to go full time with RE investing after I've acquiring 20+ cash flowing properties, will banks have trouble funding me deals because I don't have a full time job? Or will my previous history bypass that? I'd love to get your opinion on this.
Most Popular Reply
You would be an owner of the LLC. If you are the only one, 100% owner. As owner you have the ability to claim the net income from the LLC on your tax returns or to take distributions on your returns. Either way, you personally will go qualify for any future loans. You have to have them in your name. Once you close, you can have an attorney move them into an LLC. You will not be able to get residential financing on properties if you are trying to close the loan in LLC. They will force you to get a commercial/business loan.