Posted by JHyre in Ohio on January 07, 2002 at 11:01:03:
Deed the land to the LLC…you’ll probably need lender permission (i.e.- provide a personal guarantee) to do so directly. See Bill’s articles/courses on land trusts for an indirect means of getting properties into the LLC if lender does not cooperate.
Contribution of land to newly formed LLC? - Posted by Chie
Posted by Chie on January 06, 2002 at 17:43:22:
We need some advise on contributing the vacant land we personally own to our newly formed LLC. My husband and I are the only members of LLC and we jointly own a couple of vacant lots not paid in full. We want to transfer the lands to LLC so the interst paid can be deducted from LLC’s income and increase LLC’s assets. We are planning LLC to be an investor not a dealer. Does this work? If so what do we need to do to transfer the lands to LLC’s name legally (w/o lawyer’s help…) We appreciate any opinions. Thanks!!