Buying cash under INC and refinancing

1 Reply


My situation is the following, We have 3 properties under an Inc in the US. We are Canadians, thus didn't have an SSN neither could open an LLC when we bought the properties. All the properties were bought cash.

Now, we are moving to the US, and I got a job offer paying me 180k+ year. Thus I will have some income to prove for conventional mortgages.

We have no credit score yet, as we just moved, but building that with secured CC.

My question is, I want to get more properties, and use leverage for it. So, my idea was to move all 3 properties to my personal name and finance them(maybe 20% down), then eventually move them to an LLC. And buy more properties under my name again, and repeat.

Most of the steps I read a bunch of folks doing that, like the finance and move to LLC part (I am aware that some banks could ask for full payment when moving for individual to LLC).

However, my biggest question is, can I sell the property under the INC to myself(individual), and finance them? How much in fees am I looking at, roughly, would that be worth it?

Also, Can I do it even without a credit score for now? (only with my pay stubs, and showing cash investments?) Would that qualify me for a conventional mortgage? (or should I wait a few months to build some credit, how many months would that be, 3-6?)

Thanks, everyone, we are moving to Orlando Florida, and we are eager to connect with folks from this forum in person.

@Arthur Neves The rates from bank or credit union are the best.  

Based on the urgency of your situation; there would be private lenders, hard money lenders or portfolio lenders; can provide refinance. However the rates and costs might be bit higher from regular banking institutions.