All Forum Posts by: Steve Al

I'm sure this is posted elsewhere but have not found a solid answer. If I get an FHA loan can I just live in the basement and rent out the rest of the home? This would be break-even or even profitable here on Long Island, NY. Aside from local laws which I will look into, is this allowed through FHA? Thanks!

Ken Teng ok thanks. Sai Toll I'm probably looking to make an offer in the next few months.

Sai Toll Normally I wouldn't mind as much but there are other factors which would not only affect myself. Because there would be more than one person on the home and my business would then burden them, that's where I'm going with this. Obviously only if the business did not work out.

I'm new here and I'd like to know if I apply for a business loan and the business goes south, if I file for bankruptcy would that affect a rental property that I might have under a seperate LLC? To be clear the 2 businesses would be completely seperate fields. Would a trust further protect the rental property? Thanks.

New here, my brother and I would like to buy a rental property here in NY. Im new to the game but I went to a seminar and the speaker said to set investments up through a trust and then through an llc. Which is the best way to set this up? I would be renting to college students in upstate NY. Also, is there any benefit to setting up a consulting company to my llc for any tax benefits or to keep $$ in different account to limit liability? Thanks!