SS: Identify Yourself as an Investor?

Foreclosures, Short Sales, Tax Foreclosures
1

I’m another newbie to short sales. I read that some Banks will not deal with, and send a package to, an Investor if they initially identify themself as an Investor.

I would prefer to keep everything under my LLC name, however, not if it is going to jeopardize my success ratio.

Has anyone had this problem with the Loss Mitigators/banks?

Thanks.
-Larry

2

Not sure about SS, but in Iowa you purchase property with a bank mortgage in your name and then transfer it into your LLC. Your LLC is a pass through entity for tax purposes and it separates your investments from your personal property thus protecting you from losing personal assets say if you default on your loan. Banks usually won’t let you purchase it in the name of your LLC especially if you just started it. They see your start up business as here today and maybe gone tomorrow. I think I got this right. Someone feel free to correct me it I am wrong. Graciez

3

Thanks graciez,

Is the transfer to the LLC implemented through a Quit Claim Deed?

-LA

4

Yes, LAdreams, use a Quitclaim deed to transfer property to your LLC. I assume you are from CA.

Anna, CPA
(in southern CA)

5

Actually, I am from North Georgia, The LA is my initials!
Thanks for the clarification.