My husband and I are looking into purchasing a hotel for $3.8 million, but we currently do not have a LLC set up. We are going to finance this property as well, 70% through a lender, and 30% through a seller second mortgage. Becuase we don’t have the LLC set up yet, and even if we did, it would not have a previous credit record, so how should we set this business up? I’m guessing that we will have to finance it under our names, but then how to we put the property into the LLC that we are going to set up?
Thanks for any advice!
Any one with some advise…Please help!!!
I am setting my LLC up as I post this…What state are you in? I would probably Set up An LLC to seperate your personal financeing from the entity
Thanks, but is that what I need to do? I’m not sure how to do this deal becuase the loan will be in our personal names and the business in a LLC… Can we even do this?
You may need legal councell but you could buy using the LLC and you could be on the loan as a co-signer ask around it may be better for you to do a diffrent corp.
I would seek legal advice from a qualified real estate attorney if I was buying a 3 million dollar property.
Yes with that high end purchase you need to seek a competent tax attorney or CPA to assist you with this since I can not give legal or tax advice.
Once you setup your entitly whehter it be a LLC, C-Corp, S-Corp or partnership or ohters I would look to setup a land trust for you property to protect your equity.
Then use the corporate entity i.e your LLC as a beneficiary in your land trust. This will give you pratically bulletproof protection as long and your entities are structured properly.
I can help you with the land trust setup portion of this.
Land trusts protect the real estate property from judgments,liens, even IRS liens,creditor and attorney charging orders, bankruptcies, marital disputes and the list goes on.
If you like more info on how land trust can protect you( A 40 benefits listing) shoot me an email or call me and you will see it in my posting reply. Thanks.