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Updated almost 3 years ago on . Most recent reply
LLC formed with my Two Children
I recently formed a manager-managed LLC with my two children. The three of us are "managers." I will be the President and handle day-to-day operations, while the two of them will have specific roles.
Question: When I purchase investment properties under this LLC, are there any foresee-able roadblocks to obtaining a loan or closing? Will lenders require all of us to be on the loan application? I plan to apply for the loan with my credit only, no co-signers from the other two managers.
Most Popular Reply
Quote from @Danna Gallow:
I recently formed a manager-managed LLC with my two children. The three of us are "managers." I will be the President and handle day-to-day operations, while the two of them will have specific roles.
Question: When I purchase investment properties under this LLC, are there any foresee-able roadblocks to obtaining a loan or closing? Will lenders require all of us to be on the loan application? I plan to apply for the loan with my credit only, no co-signers from the other two managers.