FL MORTGAGE BROKER: attach a "LOW JACK" to your LLC name

[Account Closed]

As a FL Mortgage Broker, Real Estate Investor and Landlord, my advice to investors who are opening new LLCs, is to consider include the word RENTAL(s) in the name of your LLC.

Examples:

Smith Rental Properties, LLC

Sunshine Rentals, LLC

Reason why? 

In the Mortgage and Rental Industries, anything negative that has to do with prior housing  stands out like on the Credit Report like a Neon Sign with arrows pointing at it!

When a Lender, Apartment complex or Private Landlord sees a Lien or Judgment that says Smith Rental Properties, LLC, it's likely it will prevent the borrower or renter from obtaining the home that want to purchase or rent until it is paid or settled and removed.

So often I'll see a judgment on a credit report that will be in a prior landlord's actual name like John Smith.  However, what's to keep the defendant who lost in Small Claims Court, that screwed over John Smith / landlord for past due rent and trashed his property, from saying that $4,000 Judgment was simply a pissed off uncle over the sale of horse, etc.?

BUT...when you have that "Low Jack" (the word RENTAL in the LLC) on a Judgment, you got a pretty good chance of getting paid, sooner or later as one day out of the blue, a Lender contact you asking where the borrower needs to mail the payment so he can get the mortgage needed to close on a home!

Attach a "LOW JACK" to your LLC name!

     

[Jay Hinrichs]

too funny your saying the absolute opposite as I am saying how can you not understand .

I would NEVER make a loan and let a current lien stay on title and make the loan in second postion.

Very simple my escrow instructions go in and say that title company can only fund when they can put me in first position and any liens or judgements must be removed from title.. simple as that.