Deal Financing Jeapordy

[Tony Karns]

So BP people here is my situation

I am working on FHA 350K deal in TX. Last week I stumbled on a property in the Jacksonville area with a ton of potential and a great return. So what is the problem.

Last week I was approved to purchase the TX deal. The loan was done in my name and it will be a house hack project.

This week I wanted to buy this flip in Jacksonville, fl using a HML. Total loan 100K, but I am concerned that if I use my credit I would also Jeopardize my chances of getting the deal in TX. My HML lender informed me that since the property would be held in an LLC that it would not report to the credit bureaus UNLESS I defaulted in which case they would all see it. I can't afford to not do the TX deal as it will be a primary residence for a while, but I am struggling at the thought of walking away from the JAX deal the could net me a very decent return. I have tried to have other family members assume the loan, but since I would be funding the down payment and the reserve. I am then stuck on the loan regardless.

Has anyone else ever run into the same situation?

Is it true that the business HML does not report unless I am in default?

Thoughts and Advice.