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You and your wife would have to personally guarantee any loans to the LLC. The asset they will be looking for is value in the property you are buying. So a decent down payment would help to give the lender an equity cushion.
The financing will ultimately come down to your DTI ratio and how much debt you will be able to service. If you can find a duplex that you want to buy that has existing tenants, you can convince a lender that the rental income should be used in calculating your DTI and that you can service more than your regular income would reflect. That, plus the value in the land, should make the lender happy. But if you lose a tenant or two, things get tight very quickly. Be prepared to weather a storm of vacancy...even if you don't ever have to.
With current mortgage rates, I believe the vacancy rate is pretty high. A lot of would be renters are buying on ARMs.
If you really wanna run high risk/high reward, you can probably find a lender to give you an interest only loan on a short term to make a particular purchase fit within your DTI. But I personally think that is scary business and while I'm sure many are making money with that program right now, it has all the markings of margin buying in the late 20s.
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