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A rock and a hard place


strive4credit
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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!

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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 property

See a notary public and your done.

Where I live the fee is $8.00

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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.

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