type of ownership prior to refi - Posted by sandra musselwhite

Posted by James Strange on July 17, 2003 at 12:10:22:

If you have a l/o on the properties you can do a refi. If you want to hold them in the name of a trust or corp you need to refi before do this.

Look at the post below this one and read the advice posted by Ed Garcia.

As for the MLS I don’t perhaps an RE agent will be able to answer this. But if you have buyers who want to buy why not talk to a mortgage broker who does subprime loans and see what can be done. Look at this way it will save the cost of the refi and a sales commission. You already have the buyer so why pay all of those fees?

type of ownership prior to refi - Posted by sandra musselwhite

Posted by sandra musselwhite on July 17, 2003 at 10:57:27:

i have 8 properties tht i took l/o with the intent of selling or refiing after turning them around.(3 were vacant. all were underrented.) i now have increased the positive cashflows and have 4 tenants who want to buy their properties after i get their credit straight. a broker told me that the (va bch, va) mls will not accept l/o properties. the former owner has agreed to a land trust/contract or/and poa) i have a corporation of which i am president. my delima-if i put the propertes in a land trust with myself as trustee can i then refi under the corporation using the rents as income? or can i sell to the corporation as i am the trustee and an officer of the corporation? help! i am getting conflicting advice and this step is necessary as these properties are at 10% interest. thanks!