What will show up on your credit report if you PG the loan would be a hard inquiry, since the lender will probably pull your personal credit reports. Just an FYI.
Hey everyone. Was at local REI club meeting. Mike Watson was there and he just briefly touched on the LLC buying. Mike owns propety in 9 states, $50 million real estate, etc. Smart guy.
Said that he has been doing the LLC buying more lately.
Reasons:
Can buy LLC’s line of credit from another investor. Instant equity on another property to leverage. Avoids certain taxes.
Again he just touched on it. Selling his course!
But, I know everyone in the room was like you can sell an LLC. Duh… how do you think businesses trade hands any way!
Also, met a guy doing self directed IRA’s for his houses.
Think I love about real estate investing is you meet some very creative people!
Lastly, Mike has been able to go to banks and buy houses with no money down, interest rates at 3-4%, and deferred payments. He has used the FDIC website to find banks close to going under. Then leverages that knowledge with his 9 steps for the bank to realize they are beter giving him a great loan versus closing the door.