Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Rehabbing & House Flipping
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

30
Posts
59
Votes
Kurt Dieringer
  • Investor
  • Columbus, OH
59
Votes |
30
Posts

Qualifying with a business?

Kurt Dieringer
  • Investor
  • Columbus, OH
Posted
So I finally have the second rental unit. I did a live-in flip, house-hacking a double on VA 0% down loan, etc. Knocked it out of the park, now moved into a new primary home, keeping the double for rentals. Question is this: If I move the rental property into my LLC, start dumping rents into its bank account and make payments from its bank account to keep transactions separate from personal (for write-off, clarity, etc.), how will the bank see that I *personally am making that money when it comes time to finance the next purchase? Seems I will need the rental income to justify taking on new debt. For instance, qualifying for the mortgage on this house used 75% of the rents on the double by nature of the leases we had on it, but they are in MY name, not the business. I don't really want to continue using personal name and monies, but I don't understand how to qualify in the future if not. Good advice welcome!

Loading replies...