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Updated 3 months ago, 10/15/2024
Personal Vs Business HELOC
I'm going to preface this by saying I tend to think outside of the box unnecessarily. In this particular case, I have a property I'd like to get a HELOC on to then buy another property. I am wondering however if I should transfer the asset to my new LLC and then apply for a HELOC to get a head start on building business credit. For the experts out there, how do you think this would impact the terms? Would I get denied because of the recent transfer or would the asset value alone be enough? What are the potential tax implications ups and downs of transferring the residential property to business ownership and then acquiring debt on it? Please let me know if all of this is unnecessary or a valid strategy for building strong business credit.