All Forum Posts by: Derek Coleman

thanks for the reply

anyone else?

I have formed a new LLC and will be going to closing on a new property. My question is when can I transfer the property from my name into the LLC? what are the steps involved and the cost of each step? What can I expect from the lender in this regard or if the lender will allow? Then if the lender doesn't allow what time frame is applicable to a transfer to LLC?
Any information in this regard is greatly appreciated? Thanks in advance

Colemade

I'm just starting out
I formed a LLC
I found a home and I was securing financing for the property
The mortgage broker said that the interest would be 6.55, no-money down and I would have to co-sign for the LLC after she ran my credit, no problem.
okay 24 hours later, the mortgage broker say, the interest rate would now be 8.1% and I would have to put 20% down because of the lack of credit for the LLC. I explained to the mortgage broker in the first conversation that the LLC is only 2 months in existence. Can someone give me some
advice on this?

Derek Coleman

Hello ladies and gentlemen

My name is Derek
im live in Alabama
i'm interested in realestate investing
i have been reading several posts on this forum
the information that i have come across here has answered several of my questions

one of my ideas to get started was to look for low priced homes
30k-80k range and rent them out or fix up and resale.

Does anyone have other ideas for someone that is starting out?

thanks

:help: :help:

i guess banks would look at my financials since the LLC would be a start up

anyone

im new to the real estate game
my question is, if an investor forms a LLC how do they go about building credit rating for the LLC or is the credit of the owner or owners is taking into consideration?

thanks