How Can I Make This Work With An LLC?
I posted in another thread my plans on becoming a property investor. Buy, rehab then rent the houses and keep them untill I am ready to retire.
I already incorporated and LLC, what I want to do is purchase the houses cash. Put them on the LLC and then apply for Equity loan to get my cash bsck and then re-invest in another property. I know the ins and outs of credit and the reason I want to put the companies under the LLC is so that the loans stay off my personal credit. I do not mind providing personal guarantee my fico is around 750.
Will it be dificult to get loans if the properties are owned by the llc?
Should I be placing them under the LLC or is there a better way to do this.
Basically I want to buy as many properties as I can, one or two houses at a time. I figured if I get the loans directly then the more houses I buy the harder it will be to get the equity lines of credit. So if I can leave the loans out of my credit file then I should not have any problem getting equity lines on the properties.
Any advice apreciated.
[ Edited by redemption158 on Date 09/17/2006 ]
DaShow,
Glad to meet you.
Are the fairgrounds still located in Crown Point, spent alot of time there in my youth, when they had the big fair every year.
Your friend needs the services of an attorney as he has commited loan fraud and with these properties since he is in trouble this quick it will almost certainly be brought up.
This is a good example when you want to dance with the devil what can happen. Sorry to hear about it but, find an attorney as I said.
John $Cash$ Locke
[addsig]
DaShow,
There could be fines and possible jail time, however before I start the what if senerio your friend really needs to talk with an attorney.
Even if I knew the whole story, it would only be a guess on my part on what the possile outcome would be.
John $Cash$ Locke
[addsig]
If I were in that position, I would start damage control immediately. I would get on the phone with the lender and work forebearances on all three properties. Additionally, I would put the properties on the market and try to sell asap.