Tax Benefit
I recently purchased a forclosure in my name and worked with a hard money lender for the loan. Everything was done in my name. Shortly afterward I formed an LLC. I received an offer on the home and will except. Is there any tax benefit in having this home deeded over to the LLC before closing now? Thanks for your sharing your insights! 
Hi:
Sorry, I am a newbie to RE, but read your post and wanted to say congratulations. I had a question...Do you have the time to give me a basic outline of the processes you went through to 1) Acquire/Purchase the foreclosure and 2) Locate a hard money lender?
Thank you in advance for your time! <IMG SRC="images/forum/smilies/icon_smile.gif"> [ Edited by sellisny on Date 02/27/2004 ]
Hi,
Sure I'd be more then happy to go over whatever help your needing... just ask the questions and I'll assist in any way I can. I'm trying to learn quite a bit myself in as short a period of time as possible. If you have a specific question fire away....
Youre first class.sharing information on your deal and wishing others the same success you had is something we don't see too ofent now a days.best of luck and wish you a million more good deals..
Hey!
Yeah, from checking around, the general idea is that to acquire bank owned or foreclosure you need CASH.
So, curious to hear from your experience how you accomplished this!
I got my cash loan from Windy City Financial out of Chicago. They are a mortgage broker and were real easy to work with. I have never heard it requires all cash to purchase a forclosure. Why would all cash be required as long as the bank get's it's money? In this case I picked up the property from Union Planters Bank and I showed up with my check on closing day. I'm working my second one now and will probably use cash for this one but would be interested also in knowing if anyone has purchased real estate through an IRA?