Borrowing Capability Of An LLC
I set up an LLC to hold rental properties. Can I put the properties in the LLC and still borrow against the properties? Can a property be put into the LLC if there is an outstanding loan against the property?
Just saw and read the other post on moving property to an LLC very informative and should be a sticky for this forum. Prob the best discussion on LLCs I have seen on this board in 2 years. Still woundering about the financing on a property held in an LLC. If I own a property then transfer title to my single person LLC can I get financing for it? Would we now be talking commercial rates only? If so why put it into the LLC to begin with?
Wow this board is dead. A post goes six days without a responce. Anybody?
Based on the facts you presented, get a pre-nup and make sure she has INDEPENDENT representation before she signs.
There are many things you might try:
1. Find a commerical realtor, they sell real estate with operating business on occasion.
2. Realtors in Colorado sometimes advertize and sell businesses, is there some law that prevents them from doing so in Florida? Try another realtor.
3. Sell the Condo contract, not the LLC.
4. Sell the Condo and simply hold a double closing.
5. Market the condo yourself, with a note about purchasing the business being required.
6. If the price is good advertize to investors, some of which can be found in this forum, as investors are much more willing to think outside the box.
It is my understanding the bill was postponed indefinitely .
If you take a four word unique phrase from the letter and do a google search with double quotes around it.
Is the company Japan Vam & Royal Poval Co., Ltd.?
Read this http://www.fraudaid.com/ScamSpeak/Nigerian/check_processing_scam.htm
No offense, but you are ripe for the pickins and you need to be very careful on the Internet and with your email.
I searched on Google for this and found
numerous scam letters that had the same content
that I received.
Like they say if it sounds too good to be true, then
it is.
How do you manage to collect rent before you own the property?
[addsig]
Tell your closing agent to prorate the rents into the closing and close around the third of the month
Yes, even if you are not in Texas.
In actual practice, rents will be prorated from settlement to the end of the month. The HUD-1 should give you a credit from the seller for your prorated share of the rents.
Since the credit reduces the amount of cash you need to bring to settlement, I suppose you can say that the rents are "paying" your closing costs.
You should also get a credit for the security deposits, too. However, since the security deposits really belong to the tenants, you need to put them in an escrow account.
Finniganps and bargain76,
Thanks for the clarification. I report on an accrual basis, but was under the impression that when on a cash basis everything had to clear.
Again, thanks for correcting my misunderstanding. That’s why I always defer to my CPA.
Merry Christmas!
That gives me some things to think about. Thanks for your input. That should get me through the hollidays. Thanks again.