posted on May, 20 2011 @ 01:26 AM
Lease the property out, if you think you would be a good property manager. Deposit rental money into a business banking account. Create business
credit (with an EIN number). Pay expenses from account. Borrow one-hundred dollars from the bank and use the house as collateral (find a local
independent bank), pay off the 100 immediately. Do the same with 200 and up, until you have created a credit history in your LLC's name. This will
allow you to use the asset, build up equity, build new credit, and create cashflow until the economy stabilizes a little. Another idea is to do an
owner-carry where you finance them. This allows you to ask a higher price, and amortize a monthly payment with decent interest. Have a good attorney
write the contract. Have them put down a decent down payment to protect you. The benefit is that they will be like owners, treat the property
better, and most likely refinance in a couple of years cashing you out if they have some skin in the deal. Let me know if you have any questions.
Lots of good info out there on how to do this. I have done it many times very successfully. I have also financed the down payment part if the house
wasn't too nice. Just be sure and screen your tenants/buyers. Good people go through rough times, and bad people good times.