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Updated over 10 years ago,

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6,118
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Brie Schmidt
Agent
  • Real Estate Broker
  • Chicago, IL
5,053
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6,118
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Helping my brother get into landlording

Brie Schmidt
Agent
  • Real Estate Broker
  • Chicago, IL
ModeratorPosted

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?

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Second City Real Estate
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