Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. 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,

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...