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Updated almost 10 years ago on . Most recent reply

User Stats

96
Posts
81
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Daniel Andrews
  • Investor
  • Marietta, GA
81
Votes |
96
Posts

LLC question

Daniel Andrews
  • Investor
  • Marietta, GA
Posted

I have a foreclosed property on my record from 2010. (bad real estate investment). My current home is paid off and I have one rental with $350 positive cash flow. I applied for another mortgage and was told I would need to wait until 2017 (7 year rule). If I created an LLC can I apply for a mortgage without looking a credit check? I have a plan on rehab to rent a few properties. I had to learn the hard way when purchasing property. The foreclosed property was subject to overpaying and market crash left me 80K up side down and low monthly rental that cost me 300+ a month to stay current. At the time it was the best decision to let the property go back to the bank.

thanks for any help

Daniel

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