Which Is Best?
I am looking into 3 multi properties in mid ga. (1) triplex $49k, (1) quad $91k and an 8 unit small apt for $220k. In looking to purchase 1 or more of these should I have a LLC in place or purchase and change over later? If it is best to have in place how should that process go. I've done the loan app already (for the tri and quad) but will incorporate if it's the best thing to do before closing on any on of these. Thanks in advance to those who can advise on this issue.
For residential mortgages it is very hard to close in the name of an LLC. You will likely have to buy the home in your own name and after closing quit claim it into the LLC.
On a commercial property you can purchase in the name of the LLC with no problem, because you'll have to personally guarantee the loan anyways.
If you have already begun the financing process I'd stay as you are and once you hold title then you can form a LLC and quit claim the properties to the LLC. Don't let not having an LLC in place stop you from making these. I assume they are cash flow positive deals. I can't imagine a triplex at 49K not being cash flow positive... you want to send a few of those north to NC...
Good luck...let us know the details of the deals.
Q