there’s a 40+ acres parcel that can be divided - about a $1.6 milllion deal - definately profitable
some of our family (us & some of our grown kids) wants to go in on it. When we make the offer, we will be asking OWC for 2-3 yrs… etc
is it best to let the seller know there will be an LLC/partnership or keep try to get it ourselves & form the LLC after close of escrow ? Don’t want to be dishonest but not sure if the fact that the seller will be dealing with an LLC or more than one couple will make them wary…
tia
Negotiate with the seller on the terms of the sale. On the purchase offer, put your name “and/or nominees” as the buyer. At settlement, you can elect to take title in the name of yourself, or in the name of your nominee whether that be a family limited partnership, a family trust, an LLC, or a corporation.
It would be best to have the same person always speaking with the seller until the deal is settled. That way, you are sure that only “one voice” is speaking for the family syndicate. You avoid contradicting someone else in front of the seller, avoid breakdowns in communications among all parties talking to the seller, and avoid open disagreements waged in front of the seller.
