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Updated over 4 years ago,

User Stats

65
Posts
21
Votes
Mark Spritz
  • Investor
  • Los Angeles, CA
21
Votes |
65
Posts

Starting Rental Full-Time and getting mortgages as LLC

Mark Spritz
  • Investor
  • Los Angeles, CA
Posted

Sorry if I have a bit of a problem explaining my situation.

Starting mid August I will no longer have a FT at a company job with income.

I have a large amount of money ready to invest in Rental properties. (I have some properties in my SOLO 401K, but this is not about those)

I have equity in a couple of other personal properties/non-rental and know that I have a very high Net Worth.

However, I want to purchase these properties into my LLC which I have had for over 10 years, but the past few years the income filed were not that large numbers I used to have when that was what I did full time. So if the mortgage company asks for income from the LLC for the past 2 years, it will be really low. Whereas my W-2 from Work was high.

So I want the purchases and mortgages to be under my LLC, and without any more FT W2 income coming in, will I be able to get mortgages on these properties? Or do I have to do them under me personally (actually would be under revocable living trust because those other properties I have are under that Trust.)

I hope I have framed my situation. My question is more about suggestions or recommendations you might have on my best approach to get 30- year mortgages for these properties.

Thanks

Mark

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