Purchasing Investment Property with LLC: I have a question regarding the purchase of a sing

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Discussion Topic: Purchasing Investment Property with LLC

Evans79246

11-14-2011 @ 9:28 PM

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I have a question regarding the purchase of a single family home to be used as a rental investment.  I own my LLC and it has been generating upwards of 160k in gross revenue in 2011 and 85k in 2010.  The LLC also has access to a 25k Line of Credit completely tied to the business EIN not my social security number.  The business has two full time employees that does government consulting with long term contracts in place.

I want to convert my primary residence to a rental income property that is 100% owned by the LLC by essentially acquiring financing to purchase the house with my LLC, therby freeing it from my credit so that I can buy another primary residence on the other side of Houston.  I have good cash reserves and flow coming into the business with exisiting access to cash that is in the business name.  This makes good business sense to me because it takes the house off my credit report, converts the home rental income and tax incentives and allows me to purchase a new primary residence on my personal credit.

I'm planning to speak with my accountant and attorney about this and obtain some guidance.  Does anyone have any advice on this strategy and recommend a bank that would approve a structured deal such as this?

AlexanderP.

12-13-2011 @ 5:25 AM

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Here are the top banks which you can choose from. Try to research and ask other professional if these banks do accepts structure as yours:

- J.P Morgan
- Bank of Merrill Lynch
- Goldman Sachs
- Deutsche Bank
- Citi