Advice needed - trying to buy first property inside an LLC
Hello BP,
I'm running into a road block trying to purchase a rental property and taking ownership with a new LLC, while guaranteeing the loan with my W2 income.
This is not something that I foresaw having an issue with since we have zero debt now, as well as high credit scores and solid jobs/incomes.
One lender I spoke to straight up said they won't do that and I would have to quitclaim (which I'm weary of) and the other would only do it as a 5 year balloon..
I understand that some people don't think you should start out in an LLC but I'm younger and this is going to scale massively over 20-30 years before retirement, so I just want my corporate veil nailed shut to protect my other revenue streams.
So anyways, am I not asking the right questions or giving them too much information and spooking them? Any guidance would be appreciated before I start cold-calling every lender I can get my hands on.
Thanks!