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Updated over 10 years ago,
Helping my brother get into landlording
So my brother is about to graduate with his PhD in engineering and is looking to buy a MFH when he relocates for work. Being a PhD student - he has never had a "real" job with a W2 income - but he has 25% down.
He is looking at Boston which is not a cheap market, so even though he will have a good salary without 2 years of employment history they can't count it. And he can't use the rental income to qualify because he does not have 2 years of land lording experience.
So my questions is, could we form a LLC and with me having 25% ownership so it will take into consideration my landlording history / income / credit. Then after 2 years we could transfer title to him and then he could refi conventional. Will that work? Are there other ways I could leverage my experience to get him started?
- Brie Schmidt
- Podcast Guest on Show #132