Hello all,
I have found a nice little fixer upper in ATL area. Many people have recommended to me to form an LLC to purchase property under. I do not have the time to form an LLC since this purchase will be in a matter of days. Is it okay to purchase property directly under your name?
Yes…you can form the LLC after the fact and move the property in under the protection by deeding it to the LLC.
Holding properties in an entity is not mandatory, just wise. I held several rental properties in Louisiana without an entity…
Keith
Hey Mazoo, I am a wholesale investor in the Atlanta area,
I have about 50 deals a month, anything ranging from minor fixer-uppers , 5k or less in rehab cost, some even with no rehab cost, to major rehab. equity spreads range from 20k - 100k or more… I make sure holding cost are also included in your loan, this means you will have 6 months of mortgage taken care of until you resell the properties… the only thing is you must be using a hard money lender, I also have access to quite a few. depending on your situation, the hard money lenders can closed the deal between 5 - 10 days…
KDHASTEDT is correct, the LLC is for asset protection, another option would be to deed the property into a Land trust…