skygod

I am purchasing some rental units and have a few questions for anyone who might have experience. I am planning to buy several properties eventually so I would like to form my own company to hold the assets. How would I go about aquireing the properties in the companies name? Do I have to purchase the first few with my personal credit and transfer them to the company, or is there a better way. Is there such a thing as corporate credit? I have owned rental property in the past, but not on the scale I wish to undertake.
I would like to keep the properties off of my personal credit so I can maintain a high FICO score.
What do you guys think? Thanks.

flylevel

skygod;
Those are some good questions. Let me know if you get the answers. I'm looking at doing something along the same lines. Keep me posted.

283CHECK

We have two units(one duplex)and I was over there the other day and notice that one is for sale across the street. And rumor is the other unit on the same building will be soon also.. From the list price of that unit, I should be able to refinace the one we own and buy the other with the equity off it.. Anyone ever done this or know how to? Skygod do let us know what you find out.

Thanks
Chris

Dean Ferry

This is something that I'm interested in also, getting into the landlord business? Could some of you "SLUM LORDS" give a quick and dirty low down as to how to make Rentals profitable and I would do most of the maintnance myself! I read the other day that some landlords, here locally, are having a hard time with keeping their some of their units rented, because the Mortgage rates are so low, that tenants are buying and moving out.
I appreciate any input,
J/K about the "Slum Lord" comment, that's my ambition in life is to be a slum lord!!
MD

NASTY HABIT

I dropped my Slum Lord title a couple months ago...had a duplex for 11 yrs...did all the upkeep myself, it was a good run and an even better return , I was fortunate to have good tenants for the most part . To me that is the key..It can be a real pain at times kinda glad I'm done with it for now...

283CHECK

I would say(with the little experince I've had)the main thing would be DON'T view yourself as a "slum lord"!! Keep your property maintained and in good operating order, keep the area clean and maintain the yard and keep it looking nice. You do that you'll have higher occupancy rates and will be able to get more for rent..

NASTY HABIT

283 of course you are right....but it is fun refering to oneself as a slumlord...

283CHECK

Ah, tis true, tis true!!

Phknlwyr

95% of my practice involves representing Landlords in DC, MD, VA, & FL. Make a good decision buying a property, thoroughly screen your prospective tenants, and perform routine maintenance and you will do well.

B.R.S.

I'm closing on my 1st rental property next Fri. A two unit that needs some work. I'm alittle nervous and excited at the same time. Close to my house so it should be easy to keep an eye on.