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Updated about 5 years ago on . Most recent reply

User Stats

27
Posts
10
Votes
Pablo Espin
  • Rental Property Investor
  • Fayetteville, NC
10
Votes |
27
Posts

Convert FHA loan to a LLC

Pablo Espin
  • Rental Property Investor
  • Fayetteville, NC
Posted

First time post for me, just recently joined Bigger Pockets. I currently am an active duty Air Force Captain stationed out in N.C. I am looking to start my LLC and would like some advice. I currently have several homes that are under my name. I have a home in Long Island NY that i currently rent out with an FHA Loan 3.85% mortgage is $2836 includes taxes and insurance. I have it rented it out for $2700 I am looking to convert it to an LLC what should i do? I called the Mortgage company they told me they could not switch it to an LLC since its an FHA. I have another home i currently live in but will PCS/Move next year, i will also like to convert it to an llc. My loan to income value is pretty high so i cannot buy anymore individual or fha loans. What are the next steps i can take to still buy properties but under my business/llc? I appreciate any help and input you guys can provide.

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