Lenders and new LLC

[Varun Vemulapalli]

Hello all,

I am looking for a solution to a problem. I am Varun bought couple of long term rentals and two STRs last year on my personal names. This year me and my wife looking to close my primary home which 900k with a 5 % down. My primary home lender disqualified me as they did not take the money came from rentals to offset their payments.

I am looking for lender who can take the income from all my rentals to offset their payments and qualify me for the primary home

I am also looking for advice on how to transfer the rentals to brand new LLC to completely remove these properties from my credit report.

Thank you and please advice if there is any other way to satisfy lenders for my primary home.

[Mike Davis]

@Varun Vemulapalli I have heard of people quitclaiming their properties over to the LLC. If the properties and the LLC is only in your and your wifes name, should not be issues with title work.

With mortgages on those properties, the companies that hold those mortgages is who is reporting to the credit bureaus, so just moving them into an LLC will not stop the reporting.

You would want to refinance the mortgages into the created LLC to get them off the personal credit report.

Disclosure: I am not an attorney and I did not sleep in a Holiday Inn last night:)