Hello everyone! I'm a newcomer
and I'm seeking your opinions and advice. Currently, my boyfriend and I live in New York City, but we have plans to move to upstate New York within the next 1-2 years. Our goal is to purchase a multi-family house for long-term rental purposes. As I research, it seems that a conventional loan may be the best option, since we won't be living in the property. We've also set up an LLC for property management, where we'll act as both landlords and property managers to separate our personal incomes from rental earnings.
1. Considering our situation, what kind of loan would be most suitable for our needs?
2. Is it possible to obtain a personal loan to purchase a multi-family house for rental property purposes and then use our LLC for property management and rent collection?
3. What solutions would you recommend if you were in our shoes?
Thank you in advance for your help!
