How To Transfer Personal Mortgage To LLC? Got A Clue?
here's the situation,
I have properties that I would like to transfer from my personal credit into my LLC. Is this possible?
Also, how do i buy properties without using my personal credit for a newly formed LLC?
I have properties that I would like to transfer from my personal credit into my LLC. Is this possible?
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About anything is possible, it's just figuring out how to do it. If you are wanting the LLC to actually own the debt, then about the only way of doing that is getting the properties refinanced into just the LLC. Points to consider are: all the closing costs of the refinances, possible tax issues, that most loans to an LLC will be considered commerical and have higher rates and shorter terms, and that most lenders will want a person (ie you) to co-sign for the LLC, especially for one with no credit record.
how do i buy properties without using my personal credit for a newly formed LLC?
Now, there have been whole books written on how to buy properties "creatively." (and I think a one or two websites
The point here is that you need to quit thinking about banks and conventional lending.
Also, if you want access to conventional funds, then you need to build up your LLC's credit. Not too hard to do. Just get some credit cards, gas cards, etc. and use them and pay them off every month. You can also do the lending method, where you deposit some funds (example $1000) into a bank and then borrow against it. Take that $$$ to another bank and repeat. Pay each loan for a couple of months and then payoff. It will cost you some in interest payments, but it jumpstarts your credit rating.
Roger
do you need a DUNS number or can you use your EIN to establish business credit?
EIN to establish biz credit.