How Do I buy multiple properties at one time?

General Real Estate Investing
21

Well there is not very many loose cannon answers here it is very important to set future investors here that there is some serious concequences to fruad that investors need to know and that they and their brokers could go to JAIL and REI could go just by following what their broker told them to do.

Laura

I was on a different site chatting with a Mortgage broker. She said that she has a client that has many properties in their own name and they have never been late on any payments. Their Credit score is in the 500’s because they have so many mortgages. Does this really happen and is that why many people put their properties in LLC’s and land trusts?

Your comments are always appreciated!

Randy you have a good point

I do not know why her score are low but it may be because all of her credit lines are maxed and because she does not have a broker that helps with keeping up with the scores through credit repair and she needs to do so tricks like increase her credit lines with her credit card just so that she has a better rating

( IT IS ADVISED NOT TO USE THE INCREASED LINES JUST BECAUSE YOU HAVE IT NOW) and she may need to get out of debt she may have a HUGE debt load other than the MORTGAGES.

I have a client that has 40 mortgages on his credit report and he has a 680 score and I help him get as many properties as he wants so it is not just because this lady has a lot of mortgages.

LLC and land trust do not help your credit score people put the home in LLC and Trust just for Asset protection or
to buy with Hard money of Land contract so that it not on their credit report

22

New Song is a grant program like a Neighborhood Gold program that you can use like a FHA program

You can use it with some Sub Prime lenders and It alows you to get No Money down type of deals

It can be very powerful tool of using OPM.

Now again you have to use a broker that knows these programs and which Sub prime lenders that alow them you can justt say I want to use New Song with ABC lender and XYZ lender is the one that will alow it.

I personally use the company call THE GRANT PROGRAM which is like new song I just find them easier to work with.

23

Laura , Your the one…
Your integrety and honesty prevails through all the muddle…
Get what you need to do for Illinois and lets make some $$$

24

I am looking into now thanks

Eldorado

25

Well said Laura! I am glad to see some people in this industry still have morals.

It’s so easy to make money legally why commit fraud? The lender fruad that the FBI has been focusing on has been the result of a few rotten apples that have dragged the term “flipping” down into the mud.

I think themortgagex is going to win an all expenses paid trip to Club Fed if he continues with that ignorant attitude.

$0.02

26

Is it legal to close a loan in your personal name and then transfer the deed into a trust or a LLC? If so, then do the lenders have a problem w/ you doing this?

Thanks