LLC / No $ Down... Fiction?
My husband and I formed an LLC in WI to start to purchase properties. We found a 4plex and duplex. I gave up on the 4plex because I have EVERYTHING except cash in the bank for the down. (banks want the down $ to be seasoned and wont allow seller 2nd mort, unsecur. loan, etc. ) I then focused on the Duplex and found that financing can only be done in our personal names. The LLC can not be on it at all. It was suggested that the title maybe could be switched afterwards. My CPA agreed. What is the point of getting an LLC????? And what is the point of all the "no $ down" teachings if the banks have put an end to ALL creative angles so "the buyer will have risk invested as well"?
I have excellent credit and no reservations about starting, but all the rules seem to be different from what I was told.... I want to get into the game.
:-?
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