Posted by MGarza on March 04, 2001 at 20:05:14:
Thanx Jim!
Land Trust ??? - Posted by MGarza
Posted by MGarza on March 04, 2001 at 18:10:21:
If I transfer my home over to a Land Trust, How will this affect my credit report? Will it release me so that I can purchase more investment properties. Will the Land Trust form its own credit history? Can someone explain!!
Mario
Re: Land Trust ??? - Posted by Jim IL
Posted by Jim IL on March 04, 2001 at 18:46:10:
Mario,
By transferring a property into a land trust, the only thing that actually transfers is the title to the property.
The loan will remain in your name, and on your credit.
Unless the lender agrees (not likely) to list the trust as the payor.
If you are simply trying to improve your debt to income ratio so that you may qualify for other loans, then make sure the property is iccupied and show the lease to the lender from whom you are trying to get a loan.
Generally lenders will allow 75% of the lease payment to be credited toward you.
In other words, if you are collecting $1000 in rent per month, the lender will allow $750/month to help offset the debt to income ratio.
But, if you sell on a contract for deed, many lenders will allow you to credit 100% of the monthly payments.
Just my $.02,
Jim IL
A single member LLC is you! (NT) - Posted by David Krulac
Posted by David Krulac on March 06, 2001 at 16:55:17:
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Re: Land Trust ??? - Posted by MGarza
Posted by MGarza on March 04, 2001 at 20:02:47:
If I start an LLC, would I start a credit history based on the LLC. Can I start with an LLC then move it into a Land Trust? Thanx for your help Jim IL.
Mario
Re: Land Trust ??? - Posted by MGarza
Posted by MGarza on March 04, 2001 at 19:35:49:
So how do some investors manage to obtain over hundreds of propeties. How do the lenders allow this? Thanks for your reply! 
Mario
Re: Land Trust ??? - Posted by Jim IL
Posted by Jim IL on March 04, 2001 at 19:43:46:
Mario,
It sounds like some reading may be in order for you.
I advise you to read EVERYTHING here on this site, and also do a search for other websites relating to creative real estate.
Apparently you are missing the point of this site.
Many of us here own and control a whole lot of real estate without having to get loans.
Lenders are simply not somthing many of us deal with.
I personally own quite a few homes, and do not have one single conventional loan in my own name.
Try the “how to” articles here, and then read everything else.
you will soon see that buying real estate conventionally makes little sense.
I mean why use your money and your credit when you do not have too?
I just don’t see the sense in it.
Happy reading to you,
Jim IL