A Lot Of Little Questions
I am completely new to this. I am working starting a business...and getting paper work for a small corp. bussiness.
Well, I am wanting to purchase a hud home, but I was also wanting to fix it up and sell less then two or three months.
So here are my options right now. To get a mortage in my name, but I have heard that some mortages you have to keep them for 90 days or longer. Or should I try to get a mortage in my companies name? Or I am wanting if there is any other option that I could do. And if anyone has any good information about how long you have to keep a loan?
I would apprecaite any help!
Thanks in advance!
The type of loan you get will depend on what you qualify for. You will need to call a lender or a broker in your area, tell them what you plan to do. Ask them what options you qualify for. There are no laws that say you have to keep a mortgage for a specific amount of time. But there are prepayment penalties for paying off within a certain time. That is why it is vital for you to put all of your thoughts on paper and then plan a course of action. There are literally thousands of programs.
Good Luck
Lori
Lori
[addsig]
You would need to explain more before specific advice could be offered.
A couple of things though.
If you borrow in the name of the company and the company is brand new it will have limited choices. The company has no track record. At least you have been around for a while and likely have a credit history (good or bad).
If you do own the property in the name of the company the profits become company profits. Not a good or bad idea, just one that take some thought when it comes to how you will get the cash out of the company.
I suggest you read more and do your first deal conventionally. There will be a lot to learn in any case so added complexity is not worth the risk.
If you are setting up a company to manage the liability risks and you do not expect to hold the property long then you will have limited risks to manage. Hence owning it in your name this time around will not be a large issue. You can buy liability insurance ($1 million coverage) for a small sum without a company
John