credit issues, please read

I am new to the rei business, I have not done any investing yet but would like to start in the next few months. I am worried about one thing, I am going to get married in May, I am 26 by the way, and the girl I am to marry does not have good credit. I my self have good credit for my age, 690. When I need financing do I have to let them know I am married or can I do it as an individual, if I set up an LLC can I do it only under my name so I only use my credit.
Thanks in advance

my thought would be to set up allc in your name only and put all of your realestate things in it as then if god forbid you were to get a divorce down the road the realestate would be safe

as well if it is in a llc you would be safe from being personaly sued if some thing would go wrong like if you rent and you get a ticked off renter they would only be able to sue the llc as the owner of the realestate

i hope this helps and gives you a bit of food for thought

TX,

Since the property is NOO occupied your future wife does not have to be on the loan or the title. The property will not be homesteaded so she will not have to go on the title. FHA is really the only type of loan where the spouses credit has to be reviewed.

I think that is some good advice, do the majority of the investors conduct all business through an llc in order to protect assets?

Can you set up an llc without owning any property yet, or can you set one up with the intent of owning property and conducting bussiness under it’s blanket?

If I were to purchase an investment before I set up an llc can I sell it or gift it to the llc in order to protect me personally from bad renters, etc?

Thanks

they should as this will keep all there holding safe and i think you can set up the llc after but am not sure on this check with a legal person on that but yes set one up befor or after and there are many cheap places to do this at

I think most investors buy the properties with conventional loans and then deed them over the LLC. At least that is how my investors do it. It takes awhile to get the credit needed for your LLC to buy properties.

If you can avoid it, do not put your wife’s name on the title, if you are the one ponying up the $ and taking the risk. From a protectionist and practical standpoint, if something happens, God forbid, you’ll be very glad. You just never know.
How do I know? I’m going through a divorce right now & of course never in a million years expected it. When I married my wife, she had very poor credit & no assets. Since we were going to be together forever, I put her on the title to the house, titled a car I bought her in her name and so on, and she’s cashing in her chips right now.

From a cost standpoint, setup the LLC after you have a property. There’s no point setting it up earlier. Also it costs money to set one up and there’s annual fees to pay so if you’re not sure when you’re going to do it, you’ll just be paying for it without getting any benefit until you have a property.

An LLC isn’t magic and I’m not sure what protection you think it will give you against bad renters. Usually bad renters are the ones that don’t pay the rent and skip town on you. They usually just don’t pay a few months rent and stick you for a few thousand in unpaid rent. An LLC won’t really help you there, it just means that you lose the house if you get sued by a slip and fall or whatever and your insurance isn’t enough to cover it. But it stops you from losing other personal assets.