Just found your channel and I know this is an older video. If you transfer your property to an LLC, doesn't that trigger the paid when sold/transfer clause in the mortgage documents? I am happy I found this channel and agree with others that the info is straight forward and easy to understand. Thank you.
Typically not. However, you should let your servicer know, because you'll want to put your mortgage in the name of your LLC as well. I also have a video on that. Thanks for watching!
I am going to start an llc and buy my first investment property this year. Thank you for these videos. After one year my credit score is 700. I live in Arkansas and want to purchase property in Georgia or Alabama. Which address should I use to start the llc? Home address or should I have a po box? Should I transfer my home deed into the llc? Would it be easier to get approved if I have one or two 630-650 credit score llc "partners" to help guarantee payment? I have been able to convince my father and brother to take the plunge with me and we are committed to buy property together to grow our wealth. Thank you for all your info.
It doesn't matter what the address of the LLC is, but it should be a physical address, not a PO box. You should not transfer your primary residence into an LLC - I have another video about that. Credit scores - depends on the financing, residential vs commercial. You'd want to get pre-approved and see if you need a co-borrower or not, but adding a borrower with lower credit typically doesn't help. Thanks for watching! Hope this helps.
Not impossible. Banks would take into consideration your collateral, down payment, net worth, reserves etc. Business credit would only be used if your business was qualifying for the loan and you were not personally guaranteeing anything, which you can do, but banks would look at the business income, financials, balance sheet, etc. Build your personal credit first - it's more important. Build your "LLC credit" afterwards.
@@ChrisOConnellMortgage thank you for the reply. Absolutely, makes since. I am in the process of building my credit back up and just started an llc. I have 50k and don’t know how I should start. I assume I should try and pay down my things on credit hurting me, and then build up my llc credit. My income is close to 200k a year. But I am ready now and want to start investing soon.
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Super useful! Keep making content... its clear, informative, & helpful!
Thank you so much!
Just found your channel and I know this is an older video. If you transfer your property to an LLC, doesn't that trigger the paid when sold/transfer clause in the mortgage documents? I am happy I found this channel and agree with others that the info is straight forward and easy to understand. Thank you.
Typically not. However, you should let your servicer know, because you'll want to put your mortgage in the name of your LLC as well. I also have a video on that. Thanks for watching!
Thank you for the great information. Very easy to understand!
You are welcome, glad this was helpful!
I am going to start an llc and buy my first investment property this year. Thank you for these videos. After one year my credit score is 700. I live in Arkansas and want to purchase property in Georgia or Alabama.
Which address should I use to start the llc?
Home address or should I have a po box?
Should I transfer my home deed into the llc?
Would it be easier to get approved if I have one or two 630-650 credit score llc "partners" to help guarantee payment? I have been able to convince my father and brother to take the plunge with me and we are committed to buy property together to grow our wealth.
Thank you for all your info.
It doesn't matter what the address of the LLC is, but it should be a physical address, not a PO box. You should not transfer your primary residence into an LLC - I have another video about that. Credit scores - depends on the financing, residential vs commercial. You'd want to get pre-approved and see if you need a co-borrower or not, but adding a borrower with lower credit typically doesn't help. Thanks for watching! Hope this helps.
Great information!
Thank you!
So would you say it is almost impossible to get a commercial loan for an LLC if the owner has bad credit. What about building your business credit?
Not impossible. Banks would take into consideration your collateral, down payment, net worth, reserves etc. Business credit would only be used if your business was qualifying for the loan and you were not personally guaranteeing anything, which you can do, but banks would look at the business income, financials, balance sheet, etc. Build your personal credit first - it's more important. Build your "LLC credit" afterwards.
@@ChrisOConnellMortgage thank you for the reply.
Absolutely, makes since.
I am in the process of building my credit back up and just started an llc.
I have 50k and don’t know how I should start.
I assume I should try and pay down my things on credit hurting me, and then build up my llc credit.
My income is close to 200k a year.
But I am ready now and want to start investing soon.
@@mikeashlyn have you seen my credit repair video...? th-cam.com/video/Naz2lxpbOYI/w-d-xo.html