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Updated almost 4 years ago on . Most recent reply

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Dean Velodota
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Owner occupied while paying rent to LLC

Dean Velodota
Posted

My business partner and I just purchased our first multi-family property in CT. The 1st floor is vacant and I plan to move into it; we will rent out the 2nd floor for a price that is just under the mortgage payment. We created an LLC and I plan to "pay rent" into the LLC. Of course, we will then use those funds for a future property(ies) in the next year. My rationale is that, had I chosen not to move in to the first floor, I would need to purchase my own single family residence and pay a mortgage. Now, I am basically partially "paying myself back" while paying my partner his share, but all into a shared bank account. Any thoughts would be greatly appreciated! Thanks you!!

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