Pulling money from LLC to invest in primary residence

[Garrett Pettit]

I want to work with a partner to pool money into a deal 3.5% down primary residence house hack deal, but they are not comfortable doing gift funds, and co-signing a conventional loan is an option we're considering, but I'm curious what other ways you'd recommend financing this. I'm especially curious if an LLC could be made for us both to pool money with our own autonomy, and then if I'm qualified enough with what I have on hand to get into appealing deals, could I pull money from that LLC to add value to the property and such? I'd appreciate any legal and financial insight on this!flo

[Wayne Brooks]

@Garrett Pettit Best is talk a lender, to see what you and can’t do with fha or conventional loans, instead of speculating.

But, for an fha….

-only a family member can give “gift” funds to a buyer

- if you are a non occupying (won’t live there) co borrower on the loan, the down payment goes to 25%, not 3.5%.

There are no tax advantages, or loop holes, to having an llc, at all. It’s the same as just using your own money.