can you get a business loan for a duplex?
I’ve been out of work for 2 years and have about $ 10,000 (for a down payment) saved up and am thinking about buying a duplex to rent out for income.
Will a bank give a business loan to someone to buy a duplex? I would buy one that the tenets would more than cover the mortgage payment. I have good credit but no income, also I have rented out spare rooms in my home for 4 years…
My long term plan would be to pay off the duplex as quickly as possible, then buy another duplex… eventually own a few of them and have nice income.
Also a friend mentioned I should form an L.L.C. what are thoughts on this?