All Forum Posts by: Eric Brickley

Brett, speaking to just the lending aspect of your goals... Once you form a LLC and purchase in the name of a business you are going to need a commercial loan. If you purchase the properties in your names then you can use traditional financing. Traditional financing offers lower rates and more flexible terms. As Peter already suggested sitting down with a lawyer can help you determine if the benefits of the LLC outweigh the risk of going without. I will say that many of the investors I work with buy their first few properties with the traditional financing and then later form an LLC. Traditionally financing is only offered on your first 10 properties. Every property thereafter must be a commercial loan. Good luck with your endeavors.

If you can document that the money used to buy the land and pay for the build was all yours then you do not need to wait 6 months. The 6 month waiting period mentioned by other posters is if any of the money was borrowed. What you are seeking is termed "Delayed Financing". In the very hot Boston housing market homes are sold to cash buyers who after winning the  bid with no mortgage contingency come to us after the closing to put financing in place. But that isn't your issue. If you are only making $2000/month and have a $550 car payment, once i account for the prop. taxes and insurance on the home, I don't see that you make enough income to support a loan. To be sure you could call a local bank. Good luck !