Landlord Question and Answer Forum

Forum / General Property Management / how can i keep my assitance and own a rental property?
Hi there! Thank you in advance for any advice.  Let me explain my situation, I work for 33k a year plus bonuses.  I have an opportunity to buy a duplex (that I live in) for ¿90k (it is worth about 170k).  I currently get child care assistance ( I get about 660 a month of assistance from that), and student loan payments that are based on my income (currently making $19 payments based on my income).  I was thinking about starting an llc, and separate my finances from the rental income, so I don't lose the child support assistance and raise my student loan payments.  I know because my LLC has no Credit I would not be able to buy the house in the llc name. The thing is, if the other side isnt rented and my personal bills also go up about 800 due to losing the assistance etc. Then there is no way I can afford the mortgage. I am saving up enough to cover 12 months of the mortgage and bills and putting them in an account separate from my finances to cover any periods that the other side is vacant or not paying Plus the down payment But I also can secure my future with this property, if done right. Please help! I don't even know where to start!
Danielle D, MN on Thursday, April 25, 2019
RE: how can i keep my assitance and own a rental property?
Lawyer or accountant (professional tax preparer)
Posted by Matthew M, IL on Wednesday, May 15, 2019
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