Just curious… Do you have a mortgage on your primary? If so, how did you get it?[/quote]
No, that’s what I meant above about the banks. It was just about impossible to get financing or a mortgage on the house buying directly with an LLC. There might be a way to do it but I couldn’t figure out an easy way to do it.
My FICO score is 817 and I have no debt at all and still couldn’t seem to find a bank to write a mortgage buying with an out of state Delaware LLC for a property located in San Diego.
No, I didn’t end up with a mortgage on the property. I paid cash for the house. Even if there was an easy way to do it, I would have still gone the cash route. I ended up negotiating a great deal on the house that we wanted because I went in with an all cash offer and let them know I could close quickly. This was on a non-distressed/traditional sale. I totally don’t regret that decision.
It’s also important to add that since I was going in with a cash offer and could close quickly, I also negotiated with my realtor to kick back 1% of the buyer side realtor’s commission she got. So the escrow company withheld that and the day after closing I got a $10,000 refund wire back into my bank account further reducing the price of the property.
I doubt all of these things would have happened if I didn’t go in with the all cash offer.[/quote]
Ok good to know. I didn’t think it would be possible for a primary to be in an LLC if there was a mortgage.
