Property Into Land Trust
Hello,
I have 1 home which I consider a investment. The bank has my name on it.
I have just created a new LLC and I am trying to expand by getting more property with out affecting my credit.
I seen that some of you have stated that I can put the home in a land trust and make my LLC the trustee.
How will this help my new company form credit even if the bank did not lend the money to my new entity?
Any advice would greatly appericated.
Thanks
Baltierra[ Edited by baltierra on Date 03/29/2005 ]
Having something deeded to your company will not do anything with its credit. As you have established your LLC, you will no doubt start getting credit card offers, review them and use a couple to help build credit.
[addsig]
Will having a property deed to my company have any effect on anything? or is it just a waste of time
Thanks
Hey thanks for all the great knowledge.
Let say I do put my home in a land trust and make my LLC the trustee.
Can I then claim the income from my renter towards the business?
Its just that most credit card companies want to see business bring in money. And since my LLC is new it has no income.
let me know
Thanks
Baltierra [ Edited by baltierra on Date 03/30/2005 ]
Hey thanks Ray it is nice to meet people will to help out others.