Posted by Don Dion on February 05, 2003 at 03:10:09:
Office is in IL licensed in 39 states
general newbie question - Posted by reymund
Posted by reymund on February 04, 2003 at 22:31:15:
Hello All-
Im planning to start an LLC to purchase and rent out properties. I want to be able to avail of “FHA” loan or others programs to purchase the property. I was thinking of acquiring the property under my name first then transferring it to the LLC i created. Is this possible?
TIA
Reymund
Re: general newbie question - Posted by Don Dion
Posted by Don Dion on February 05, 2003 at 24:10:12:
Yes
You might want to talk to your attorney on this one.
I have serviced investors since 1982 as a mortgage banker in 39 states. Many of them close in their names and then put them into a trust making the LLC a benificiary of the Trust would get you were you want to go. Why would anyone want an FHA loan? Dont even think of telling me because it’s assumable. What a joke for an investor. Lets say you hold the property as a rental for 3 yrs then work out a deal with the current tennant that wants to assume your loan. Example: purchase a property 10% down today for $150,000 LA $135,000 Three years from now the property is worth aprox $180,000 and the loan balance is down to $129,400 you say to yourself do I leave my $50,600 and take monthly payment’s or do I sell to someone that can get 100% financing on a first time home buyer loan and use my cash right now to buy several more properties?
Re: general newbie question - Posted by reymund
Posted by reymund on February 05, 2003 at 24:22:49:
Thank you for your response Don, you seem very knowledgable in REI. I was wondering what State you work out off? and thanks for the tip about the FHA loan thing.