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Anne
Anne, Master Tax Preparer
Category: Finance
Satisfied Customers: 2355
Experience:  Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
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I'd like to purchase a home that's selling at 608,000. I

Customer Question

I'd like to purchase a home that's selling at 608,000. I want to purchase it with my brother through an LLC. I'm wondering if I'm able to qualify for that price
I will mostly be renting this property out to separate tenants and a separate lease for each. it's a 5 bedroom home and I will be leaving 1 bedroom empty for myself. I am traveling so much it will not be my primary residence.
Submitted: 1 year ago.
Category: Finance
Expert:  Anne replied 1 year ago.

Hi

I'm Anne. I've been preparing taxes for 27 years and I'll be happy to help you.

Purchasing a home through an LLC offers more protection in a law suit than if you purchased it under your name. Here is an excellent article re: purchasing your home through an LLC. (The article deals with purchasing your primary residence through an LLC, but purchasing a place that you use as part rental/part personal would follow the same theory.)

Please see below:

http://www.realtor.com/advice/ask-michele/benefits-buying-home-with-llc/

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Expert:  Anne replied 1 year ago.

Thank you for choosing justanswer.