I have just started in real estate and have formed an LLC, how do I
- get loans in the LLC name
- or get the property into the LLC after I have got it,
- and what are the liaibilities of moving property in the LLC
I have just started in real estate and have formed an LLC, how do I
Hope my experience and answers helps a bit. Hope some more members will jump in and add some input too.
Thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
512-301-9171 home
512-587-6177 mobile
Thank you for your help, being new at this most of the conversations
seem to be in the abstract vs how to actually do things. Again thank you.
John,
Getting a loan in the LLC name is not necessarily difficult, whether it’s a private loan or more traditional through a small lender. You’ll likely have to prove up your financials unless it’s with an individual. If you go to a generic loan officer for a residential transaction, you can pretty much forget it.
All it takes to transfer ownership of property is a deed. You can deed a property to Tiger Woods if you so wish.
I’m not going to attempt #3 as that’s too much info to cover. Sorry.
hope it helps…
John,
I agree with Tim and Ted.
I’ll just add that sometimes I will contract a property in my name and then assign the contract to my entity before closing. It’s very easy to do. All you need is an assignment form.
I’ve done this when I’m low balling banks. I’ll also do it if I know or feel the seller might not want to do business with a real estate company.
Good info so far, but I have two questions:
How-to articles and reading suggests that an LLC is a good vehicle, but isn’t the income to an LLC subject to self-employment tax (FICA)? If not, how do you avoid paying the tax?
Where do you obtain an assignment form to transfer title? Can you transfer title after closing with the same form?
Thank you.
I, too, am very interested in knowing how and when a property can be transferred to an LLC. Appreciate all comments.