strive4credit Posted September 16, 2013 Report Share Posted September 16, 2013 My credit scores are good. But my DTI is high. I own property and I just started reporting the income.I have a property that is free and clear and not on my report and I want to pull some cash out of it.How can I transfer those properties into my business name? Any help and suggestions are greatly appreciated! Link to comment Share on other sites More sharing options...
admin Posted September 17, 2013 Report Share Posted September 17, 2013 Even if you transfer the property to your business, they will still probably make you personally guarantee the loan. Link to comment Share on other sites More sharing options...
racecar Posted September 17, 2013 Report Share Posted September 17, 2013 You would need a new deed drafted to transfer the interest over to your business.Then the deed would need to be filed with the County Register of Deeds of whatever county the property is located in.You would file QUIT CLAIM DEED with the county clerk. The Grantor(that's you) does CONVEY AND QUIT CLAIM TO (your business name)Include a legal description of the propertySee a notary public and your done.Where I live the fee is $8.00 Link to comment Share on other sites More sharing options...
strive4credit Posted September 17, 2013 Author Report Share Posted September 17, 2013 Thank you. I can do this even if the properties still have mortgage balances? Also, if this can be done how long should it take to reflect on my credit report? Link to comment Share on other sites More sharing options...
S. Louis Blisko Posted September 17, 2013 Report Share Posted September 17, 2013 Create an LLC to buy the property from you. Do so using your business income. The loan on your personal credit report will show as paid in full. The loan for the llc should not show on your report. HOWEVER - if the property is zoned residential you may still need to "guarantee" it personally but that will not be reported monthly unless you default. Option 2 - If the property can or is zoned for commercial you can possibly get a "non-recourse" loan for it and thereby take out the personal one without needing to personally guarantee the new commercial loan. Link to comment Share on other sites More sharing options...
admin Posted September 19, 2013 Report Share Posted September 19, 2013 @strive4credit - yes, you can do this even if the properties have mortgage balances. Link to comment Share on other sites More sharing options...
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