I am going to make an offer on my first flip and I have filed for an LLC in NV but it might not be set up before closing on property. How hard is it to transfer it a week or 2 after closing? Is it better to transfer over at closing or does it not matter?
Also how is this done?
Thanks
Buckeye,
You just need to execute a quit claim and that will move the property to the LLC…recommend using a lawyer at least on the first one. It shold not be very expensive…
Keith
Howdy Keith:
A lot of title companies have trouble with quit claim deeds. You may want to use a standard warranty deed or a deed without warranty. Deeds are not all that difficult. You can get them at Wallmart and copy the legal description off the deed you get when you buy the property.
Howdy Buckeye:
If you flip the property before the LLC is formed then it is a mute point. You can contribute the proceeds to the LLC as a capital contribution but the income will be yours personally.
Thanx, Ted…good poop.
Keith