Transfer Property To LLC

Comments(7)

• 
  jfoley29th January, 2004

  you will still need to secure a loan in your name but you can transfer property under your name to the LLC you own by filling out a quit-claim deed at a title office.

• 
  rookie_buyer29th January, 2004

  Thanks!!!

• 
  Tony69630th January, 2004

  If he does quit claim the deed will the mortgage company call the loan?

• 
  minara30th January, 2004

  I called my lenders and they all said no..just update them when you do it...

• 
  gtrzndrums30th January, 2004

  I am right in the middle of this myself and am very interested to hear what everyone has to say on this!
  
  I have heard many arguments on this topic, so I'm curious to get feedback ...great post!
  
  Let's play true or false with this topic
  
  1)If you keep buying property in your own name the accumulating mortgages will weigh down your credit score even if you pay on time? T or F
  
  2)If you buy in an LLC you will have one hell of a time getting a bank to want to do the loan? T or F
  
  3)If you are able to buy in the LLC these new mortgages will never show on your personal credit report? Tor F
  
  4)You can have as many loans in your name as you like and it won't effect your credit rating because the bank will discredit the debt to income given you provide leases showing cash flow about 1/3 over mortgage? T or F
  
  5)I can move my property into an LLC from my name and pay the mortgage with a company check as well as tell the tenant to pay the rent to the company and nobody will care and life is great? Tor F
  
  6)I should buy property in my own name and move them into the LLC VS. just going through the pain of trying to get the loan through the LLC in the first place? Tor F
  
  7)You can buy property easily in an LLC through a bank if you will just sign a personal guarantee? Tor F
  
  Note: If you feel strong in your position about one of these questions from experience or education, please expand on your reasoning to help the rest of us on this confusing,but very important entity/buying strategy.
  
  Thanks,
  gtrzndrums

• 
  rookie_buyer30th January, 2004

  Great questions. I can't wait to hear the answers!!!

• 
  webuyproperties30th January, 2004

  Just my 2 cents:
  
  Quote:
  On 2004-01-30 22:54, gtrzndrums wrote:
  I am right in the middle of this myself and am very interested to hear what everyone has to say on this!
  
  I have heard many arguments on this topic, so I'm curious to get feedback ...great post!
  
  Let's play true or false with this topic
  
  1)If you keep buying property in your own name the accumulating mortgages will weigh down your credit score even if you pay on time? T or F
  T too much debt can hinder you.
  
  2)If you buy in an LLC you will have one hell of a time getting a bank to want to do the loan? T or F
  F A bank will want to do the loan. You may not qualify for it though
  
  3)If you are able to buy in the LLC these new mortgages will never show on your personal credit report? Tor F
  T - as far as I know
  
  4)You can have as many loans in your name as you like and it won't effect your credit rating because the bank will discredit the debt to income given you provide leases showing cash flow about 1/3 over mortgage? T or F
  Depends on bank and other debt that you may have
  
  5)I can move my property into an LLC from my name and pay the mortgage with a company check as well as tell the tenant to pay the rent to the company and nobody will care and life is great? Tor F
  T - So I hear
  
  6)I should buy property in my own name and move them into the LLC VS. just going through the pain of trying to get the loan through the LLC in the first place? Tor F
  If you can qualify doing it as a LLC, it might be more beneficial to do so. Most people can't and don't like the 20 year am that comes with business loans
  
  7)You can buy property easily in an LLC through a bank if you will just sign a personal guarantee? Tor F
  F. I believe that you will always have to sign a personal guarantee
  
  Note: If you feel strong in your position about one of these questions from experience or education, please expand on your reasoning to help the rest of us on this confusing,but very important entity/buying strategy.
  
  Thanks,
  gtrzndrums <IMG SRC="images/forum/smilies/icon_biggrin.gif">