loans2investors
05-13-2005, 01:46 AM
I hope that this is the right section for this comment and this is VERY IMPORTANT so that you get to the MONEY
I do a lot of loans for many many many investors and the common thread that I have found is when investors first start out and after they have gone to the boot camps they are told to set up an LLC so that you are not labeled as a dealer.
Well seting up an LLC or other styles of corportations are important for that reason and many other asset protection values.
THE ONLY PROBLEM IS... when you are trying to get a loanTWO YEARS LATER by being self employed and you have named your LLC OR CORP
using these words INVESTORS ,INVESTMENT, REAL ESTATE, REALTY,PROPERTY,PROPERTIES, OR ANY OTHER NAME THAT TELL US THAT YOU ARE A REAL ESTATE INVESTOR
Please set up a generic LLC and then do a DBA with the title that you want to do business in
Why is this important ?
Well Real Estate investors are considered the TOP risk of default on loans and
FRAUD.
LENDERS DO NOT LIKE ANY BODY WHO IS IN THE BUSINESS including Real Estate Agents and Mortgage Brokers for similar reasons plus they believe that we know the loopholes that help to get financing (we are insiders)
THIS IS A STIGMA and it is best to stay away from this.
A GENERIC LLC. is the ANSWER and if you have to specify in the LLC of what type of business it is please just say CONSULTING or something generic like that also because consulting you can do about anything. (The lender may ask for your article and if real estate investing is in your articles well the rest is history)
Like name it Jack and Jill LLC or Daisy LLC or what ever just don't specify the business in the name of the LLC please and can not stress this enough do a DBA with the real name that you want every one to know you as.
I will be able to help you get loans so much easier and the underwriter will love it because they do not have to tear your loan apart and you will get your loans easier and the name of the game is TO GET TO THE MONEY
I do a lot of loans for many many many investors and the common thread that I have found is when investors first start out and after they have gone to the boot camps they are told to set up an LLC so that you are not labeled as a dealer.
Well seting up an LLC or other styles of corportations are important for that reason and many other asset protection values.
THE ONLY PROBLEM IS... when you are trying to get a loanTWO YEARS LATER by being self employed and you have named your LLC OR CORP
using these words INVESTORS ,INVESTMENT, REAL ESTATE, REALTY,PROPERTY,PROPERTIES, OR ANY OTHER NAME THAT TELL US THAT YOU ARE A REAL ESTATE INVESTOR
Please set up a generic LLC and then do a DBA with the title that you want to do business in
Why is this important ?
Well Real Estate investors are considered the TOP risk of default on loans and
FRAUD.
LENDERS DO NOT LIKE ANY BODY WHO IS IN THE BUSINESS including Real Estate Agents and Mortgage Brokers for similar reasons plus they believe that we know the loopholes that help to get financing (we are insiders)
THIS IS A STIGMA and it is best to stay away from this.
A GENERIC LLC. is the ANSWER and if you have to specify in the LLC of what type of business it is please just say CONSULTING or something generic like that also because consulting you can do about anything. (The lender may ask for your article and if real estate investing is in your articles well the rest is history)
Like name it Jack and Jill LLC or Daisy LLC or what ever just don't specify the business in the name of the LLC please and can not stress this enough do a DBA with the real name that you want every one to know you as.
I will be able to help you get loans so much easier and the underwriter will love it because they do not have to tear your loan apart and you will get your loans easier and the name of the game is TO GET TO THE MONEY