Hello,.
I was hoping to get some good advice an purchasing a property.
I am purchasing a properyt to flip. I have been approved by 2 hard money lenders. THe problme is that these hard money lenders will not let me purchase property through my LLC. I have to sign individually. I dont have a problme signing for the property individually…but i really want to have it under my LLC for more protection. Plus, when i sell the property, i want the proceeds of the flip to be paid to LLC.
What is the best way to transfer ownership to my LLC.
Should I transfer deed to my LLC with Special Warranty deed and file this with the county court house. ONce this is filed with the county courthouse…my LLC will hold ownership, correct. When i plan to sell this properyt…when biuer runs title check…it will show that my LLC olds ownership and that once the buyer closes on property…the proceed will be distributing to my LLC and the mortgage i hold will be paid off. Im sure there are more steps to do this but Im hoping i got the basic steps covered. If anyone can respond with more detailed information on the best way to do this type of deed transfer…that would be great.
I have also heard about using a Land trust for transfering ownership.
Using a land trust I would designate a trustee(either my lawyer or individual) and then name my LLC a beneficiary of trust. Would this method also transfer tittle so that when i sell the property and buyer runs title check…it will show that the land trust owns title and that proceeds from the flip would be distributed to the beneficiary( my LLC). Im a bit confused with this method because i have read that the Land trust is not filed with the County…is just a document(contract held privately). So not sure how when the title company runs a title check it will not show that I as an indivual still own the property…[b][/b] thus making me close the deal as an indivual and not seperate entity. .
Again any information on this subject would really help out a lot. Much thanks in advance!
Rob