FL MORTGAGE BROKER: attach a "LOW JACK" to your LLC name

[Account Closed]

As a FL Mortgage Broker, Real Estate Investor and Landlord, my advice to investors who are opening new LLCs, is to consider include the word RENTAL(s) in the name of your LLC.

Examples:

Smith Rental Properties, LLC

Sunshine Rentals, LLC

Reason why? 

In the Mortgage and Rental Industries, anything negative that has to do with prior housing  stands out like on the Credit Report like a Neon Sign with arrows pointing at it!

When a Lender, Apartment complex or Private Landlord sees a Lien or Judgment that says Smith Rental Properties, LLC, it's likely it will prevent the borrower or renter from obtaining the home that want to purchase or rent until it is paid or settled and removed.

So often I'll see a judgment on a credit report that will be in a prior landlord's actual name like John Smith.  However, what's to keep the defendant who lost in Small Claims Court, that screwed over John Smith / landlord for past due rent and trashed his property, from saying that $4,000 Judgment was simply a pissed off uncle over the sale of horse, etc.?

BUT...when you have that "Low Jack" (the word RENTAL in the LLC) on a Judgment, you got a pretty good chance of getting paid, sooner or later as one day out of the blue, a Lender contact you asking where the borrower needs to mail the payment so he can get the mortgage needed to close on a home!

Attach a "LOW JACK" to your LLC name!

     

[Account Closed]

@Tom Gimer, you obviously have never owned rental properties before as you seem to be completely are missing the point.

BUT Yes, one of the benefits to the prior landlord investors is like you sais above,..."They'll both be paid of the deal dies"

BTW- you ever thought about getting your real estate lic.?

From what I'm seeing, you seem to have the mindset for it and would be in like company.

[Tom Gimer]

@Account Closed You're just pissed because behind the curtains it was only FL MORTGAGE BROKER wrong again.

[Account Closed]

@Tom Gimer, 

I'm starting to wonder     ?

 Or...

Did you accidently respond on the wrong thread thinking this was one of my other Topic discussions that you are trying to run interference on to keep BP Investors in the dark about my money savings strategies I'm sharing?

[Jay Hinrichs]

Originally posted by @Russell Holmes:
Ah gotcha. The two aren't as unrelated as I thought. I wonder how many small time private lenders make that mistake and end up subordinate to some large judgment unknowingly. Thanks for the info, could save me some money someday!

for us in the lending business this is lending one o one... and anyone who is a lender would know this.  but as you state a private one off never done a loan person may not get it...   its why lenders run CREDIT and TITLE search Credit will get anything that is on their fico and lien search anything recorded in the county that the subject property or the person wants to buy in..

they can slip through though I am sure.. but then the judgement creditor needs to go to the county were the debtor bought and then file their judgement as a foreign judgement but at that point they are second to the new loan put on ... not a senior.

although I think the term rental on your LLC would give other landlords pulling credit a clear indication that the debtor skipped on rent and could not BS there way through it... lending is tough right now anyway.. those type of folks basically don't get loans.. unless lender RMLO wants to try to monkey the credit which some don't have anything better to do and will do that.

[Account Closed]

Arguing  with you on this is pointless it seems  but everyone can see this is what I run into with Realtors Non-Stop.

Re-read the post discussion at the top and then reply

[Tom Gimer]

Here is what we're all responding to, which is based upon an assumption which is wrong:

BUT...when you have that "Low Jack" (the word RENTAL in the LLC) on a Judgment, you got a pretty good chance of getting paid, sooner or later as one day out of the blue, a Lender contact you asking where the borrower needs to mail the payment so he can get the mortgage needed to close on a home!

Stop ignoring your own damn post.

[James Wise]

Originally posted by @Tom Gimer:

Hey @James Wise ... Black Tie Title hasn't been around long enough for the first title claim to surface, but it is surely passing horrendous costs onto consumers. The target is on your back now bro.  @Account Closed will tell you all about it.

 Dug deep on that one did ya? Gotta give credit where credit is due.

[Account Closed]

@James Wise, how did you post a pic?  I've tried a few JPG., PDF and Word format and nothing happens.

[James Wise]

Originally posted by @Account Closed:

@James Wise, how did you post a pic?  I've tried a few JPG., PDF and Word format and nothing happens.

 Are you on a PC or Phone? On a PC there is an image button right above where you reply. You can also make things bold, italic or underlined.

& of course big.

[Account Closed]

I know, been hitting image, maybe trying too big of files

I 've been using the other tools like when I'm YELLING, I USE ALL CAPS, UNDERLINE AND BOLD THE PRINT

[Account Closed]

Case in point:

I just got a call from one of my lenders telling me that an 11 yr old judgment must be paid before they will fund the refi for my borrower.

Now I have to contact this person holding the judgment up in BF Egypt, NYC on my borrower and try to negotiate a settlement as with interest the judgment has accumulated, we can't close on the loan because he doesn't have the Freakin reserves now!!!

And had this person in NYC holding the judgment had the word rental in the name of their LLC that is showing on the credit report, they would have been paid a few years ago as this borrower had the money.