I currently own condo which is paid off in full (no mortgage) and am renting it out.
I also own a small house which I live in and make a mortgage payment.
I have considered the idea of renting out my current house and buying another one in which to live, so that I will have 2 rental properties.
I'm currently under the impression that a mortgage lender will want to see that I will be able to make not only the mortgage payments on my new house, but also the previous one that I'm renting out. So in other words, in order to buy a new house and rent out my old one, as well as my condo, I need to show that I can make 2 mortgage payments.
My question is this: Will forming an LLC and putting my condo and current house (while renting it out) in the LLC's name make it easier for me to get the loan for the house I plan to live in?
Read more: RealEstate Investing?
