Purchasing A Property In CA With A New LLC
I have an LLC formed in GA in which I am planning on deeding two GA properties to the LLC. However, I would like to purchase a property in CA as I am relocating there in a couple of months. I will not be able to use my personal credit which has recently taken a nose dive over a bad investment. How would I go about doing this? Is there a lender that would consider lending money directly to theLLC with the two GA properties as an asset base?
Is the CA property for investment or is this your personal residence? Also, what part of CA are you looking to buy?
Depending on the value of the property in CA, Luxury Mortgage will lend to Trusts and LLCs.
They are going to look at your credit, but w/ the cross-colateralization may not care?
Why are you putting mutilple assets into a single LLC?
This LLC will prob. end up being taxed at CA rates, one of the highest in the coutry.
Depending on the value of the property in CA, Luxury Mortgage will lend to Trusts and LLCs.
They are going to look at your credit, but w/ the cross-colateralization may not care?
Why are you putting mutilple assets into a single LLC?
This LLC will prob. end up being taxed at CA rates, one of the highest in the coutry.
As a CA resident with a CA investment property, your LLC will have to file a CA return and pay the $800 annual minimum tax.
I forgot to mention that I was planning on purchasing a property in Santa Monica.
Santa Monica is very nice and VERY expensive.
propertylogistics, are you the speaker at the seminars, or are you a promoter only?
[addsig]
Have you thought about mailing to people who must attend required housing classes due to government assistence mortgage money? In FL we have SHIP and bond money.
Thanks for those who replied. My wife and I just had a baby Nov 11th (girl, 6 lbs 12 oz, 21 inches long) , but I will look into the suggestions that have been made when things settle down.