I know, I know, I was just trying to add a little levity. At the end of the day, it’s all about paying on time and managing your debt-to-income ratio. There are no doubt many tricks and strategies for improving a credit score a little bit, but that’s just gravy. The meat and potatoes of a high credit score is paying on time and treating revolving consumer debt like the plague that it is. Nothing else really matters all that much and, my wise acre reply aside, that is the what it all boils down to.
I am planning to purchase investment property within the next thirty days. I’ve been pre-approved for an investors loan but I want this property held by my LLC for liability purposes. I was told that I could purchase a million dollar policy for liability coverage. I’d rather not pay for this insurance, however, I would like to transfer this property to the LLC. Is this legal after I close on a property signed by me (not the LLC) and if so, how do I do it while holding an investment loan on the property in my name??
Posted by John Burley on August 22, 2001 at 17:22:23:
Over the past decade I have transferred many properties into LP’s (and some LLC’s).
We notify the lender and the insurance company of the change informing them that “On the advice of our attorney for estate planning purposes we will now be holding title in the entity.”
We have never had a problem doing it in this manner.
The land trust works as well as mentioned in the earlier post.
Posted by Carey_PA on August 22, 2001 at 09:36:27:
Ron,
I think you can do that, but I don’t know how
I would email SueC from this board, she’s an attorney in PA. and I know she’s helped other investors transfer property from their name into their LLC’s, etc.
She’s on vacation this week, but her email address is: circle-c@fast.net (that should get to her)
Posted by Stacy (AZ) on August 22, 2001 at 18:43:41:
John, this is the first time I’ve seen you post on the newsgroup. If this is your first time, welcome! I’m looking forward to more in the future. I enjoyed your “round-table” at the Atlanta CREOnline convention.
By the way, a desperate seller called me a few months ago from her home in South-West Phoenix. She was behind on her Agreement for Sale and facing forfeiture. I researched the records for the transaction, and found that it was one of yours! There wasn’t enough equity for me to bother, but I found it interesting. Hope it all worked-out.
check out www.creditinfocenter.com…they have all the information that anyone with bad credit and a desire to improve it,can want
start on the left side by looking into “creditscore” …it gives you guidelines on what the creditbureaus want…read everything under “creditscore”…then skip over to “forums” and look under “creditrepair”
my experian score which used to be the lowest one of the 3 ,jumped 50 points within 30 days after i started to make a couple of adjustments
another thing…very important!..do not go for the cheap option and buy a 3 for one creditreport…you want to buy seperate reports because the bureaus do not always report the same tradelines etc…spend the money (±$ 30) and get a complete birds eye view of what is going on ,on your credit report,so that you can get busy…
I’ve gotten my credit score to over 760 by paying all my bills on time. It’s quite the miracle elixir. My credit was pretty bad until I grew up and got serious about life. Now, it’s pretty good. Everyone crosses that line at a different point in life: the line where you pay bills before you buy beer and if you have to make a choice, you choose bills over beer.
Hand-carry your credit reports & ask potential lenders to not run their own reports until you finish loan shopping. That w/minimize the # of inquiries.
PC, I’m happy for you, I’m really looking to see if there is anywhere to get specific questions answered about the effect that individual decisions have on credit scores.
This is what I mean by wondering why it is soooo hard to get real answers so an individual that wants to build his/her credit rating can actually do it! It’s like planning a trip from Miami to Chicago and the exact directions exist only on a stone tablet secured in Fort Knox. You really want to get to Chicago but all anyone can tell you is “go north” or… “I know you wanted to go north, but you really needed to go northwest and sorry you ended up in Lake Erie. You will ge able to get out of the lake in 4-7 years.”
