All Forum Posts by: Kelly Conrad

Hmm, so then what can be done to show that we're getting income from that property? I know credit doesn't show the whole story, but it doesn't help when it comes to getting other lending. Or would it be more likely that a potential lender would the property as income and count it as such?

@James W. So you purchased a property with your LLC and now you're moving it back? I'm a little confused on what you mean by moving them back. I thought you'd get conventional in your name, and then move it to your LLC.

Hey Tim! I thought I saw somewhere that it's recommended to wait a year until you do it, perhaps not! I didn't think about asking the title company to change it. I thought they might do something to inform my lender who could trigger the clause, but it sounds like they don't do that, and it also sounds like as long as the payment is being sent, the mortgage company likely isn't going to stir anything up.

My main motivation is that with the HELOC we needed for part of the down payment, and now the second mortgage on our property, it has caused our credit scores to go down a lot due to the debt-to-income ratio. The person I chatted with said that putting the property in my LLC would free that up from our own credit so that it'll be easier to get future lending (hoping to use private investors going forward since that 25% all on our own hurts!). We do also have an umbrella policy on our property as well.

Thanks for your reply!

I chatted with someone who talked about how they moved the title from them to their LLC, and while reading about some of the options, I was curious if anyone here has done it. I looked at the warranty deed vs quitclaim deed and it seems like if you're transferring it to your own LLC, that the quitclaim seems to be the way to go. I checked out the MN forms for transferring, it and seems like the 10.3.2 number is the way to go for moving it from personal to your LLC.

I'd want to wait until I've had my property for a year before looking to move forward with it, but I was curious if anyone in MN has actually done the process before successfully. 

Is there anything I can report to without collecting money from sites other than TenantCloud?

I'm in a neighborhood where some folks don't have the greatest credit. I just recently heard that some spots where you rent, it doesn't count on your credit report. I would like to make sure that when my tenants rent from me, that on-time (and late!) payments show up so they can someday move up to nicer areas. It looks like there are some programs that request a lot of money to do this, and some are "free". Any recommendations of places I can report to so I can be sure that good tenants can improve their credit?

Edit: We use TenantCloud for rent payments if that matters

@Jon Holdman I FINALLY got an application after having my application printed and at the property for folks to fill out! I think you've solved my mystery :) We're having an open house tomorrow for both units (one unit is pending, yay!) with applications there. Hopefully we'll gets lots of viewings and some applications tomorrow :) So THANK YOU for your great advice (along with everyone else)!

@Jordan Moorhead When you say that it looks terrifying for a tenant, what are you seeing? I've slashed the requirements on my page and there shouldn't be anything there that looks scary anymore

Its funny you say the fee is high, apparently some local landlords around said to charge $75 😳.  The people who viewed yesterday who loved it said they actually like the neighborhood we’re in, and they said they were going to apply today 🤞🤞 I like Jon’s idea of bringing the applications with, I just was hoping that having it online and being able to pay online would be enticing since I’d get it immediately and could put in for a background check right away. I know I also don’t usually have all my info with me when I tour places 😕 we’ll see what happens tonight 

@Jon Holdman I might have to try and get them to fill them out on the spot. I haven't had a lack of interest or showings, its the complete disconnect of at the showing them saying, "I love this place, I want to apply" and then they never apply...I send a follow up message saying thank you and send them the link to my application on my website, but then nothing happens. I'm not sure why there is so much interest and people saying they are going to apply, and then don't...