Financing in Jacksonville>Question Details

Hunter66, Home Buyer in

Can we use LLC to get finance?

Asked by Hunter66, Thu Jun 7, 2012

if this LLC holds a fully paid property, is that possible to use the rental income to get more finance for the second house? Thanx

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Answers

2
Hi Hunter,

That was a great question for Jim. Financing is definitely his area. If you need any help in the real esate area, let me know. Good luck!

Jeff Metcalf, REALTOR(R)
Watson Realty Corp.
(904)495-0115
http://www.Realty2Reality.com
0 votes Thank Flag Link Thu Jun 7, 2012
You can count any income that is reported on your tax returns, even gambling wins if you can prove reliability. Robbing banks might be tough to count even if you report it on the tax return, hard to prove it is likely to continue for 3 years. As for rental, you can count your share of the actual net profit allocated to your personal return. The underwriter may ask for a copy of the lease, if it is leased month-to-month it might be a problem. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Jun 7, 2012
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