Posted by John on November 04, 2005 at 21:23:28:
I am no lawyer. The only way I know would be to deed the property to the corporation. This would get title out of your name. As far as the loan, you would then have to refi in the corporation’s name. This assumes your corp. has a credit history and income to support the payments.
This is easier said than done. I am faced with similar situtation with LLC. Most lenders will not talk to me until the LLC has a 2 year history.
How do I get property out of my name - Posted by Annette Jackson
Posted by Annette Jackson on November 04, 2005 at 14:39:48:
In September of this year I purchase a rental property in my name. I have an established corporation set up and would like to move the rental into it for tax purposes and also get it off of my credit report. Can I do this? If so could you please tell me what must I do, since I am currently looking at 2 additional property to use as rentals?
Thank You
Re: How do I get property out of my name - Posted by Rainbow
Posted by Rainbow on November 06, 2005 at 19:34:48:
Like John, I am not a lawyer, but I play one on TV (well, I would).
Right now you have a mortgage and that will never go away from your credit creport until paid off, but you know that, don’t you?
But still, if it is a rental, deed the property into a Land Trust with your LLC as a beneficiary.
Once your LLC is over 2 years old, you can try refinancing in the name of the LLC, most lenders will still ask you for a personal guarantee. But seek and you shall find.
LLC’s are probably better for holding RE than corporations.