BofA Line 10
Has anyone come up with a consistently repeatable solution for flipping on line10 on a BofA acceptance? And the old write the final hud is not repeatable. Changing escrow and title is alot of moving parts to an already busy transaction. Thoughts Anyone?
If you are going to flip properties then you should have a corporation. If you are going to do long term rentals then you should have an LLC.
If an investor told you that an LLC look more promising to a bank instead of a corporation is an investor you should stop listening to. Think about this: do you think banks think less favorably of Coca Cola which is a corporation and they much prefer my business which is an LLC with 2 members run out of my 500 Sq Ft condo?
If you are putting in an offer on a short sale are you doing it as all cash or are you getting financing? If you are getting financing then most banks doing the funding will require the title to be in your name and not the name of your corporation or llc. You can quit claim deed the title to you corporation or llc after closing.
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[ Edited by jfmlv1950 on Date 01/18/2010 ]
I usually buy properties in an S-Corp, but sometimes in an LLC, sometimes in my personal name.
Usually we pay cash, so the Bank will ask "How do you want to title the property?"
As far as providing proof of funds, on large purchases I have faxed bank statements from several entities under my control. Never a problem.
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