Posted by John Butler(Stl) on January 19, 1999 at 20:11:22:
Hehe nice point…
Actually I have no problem with a personal guarantee, I am just considering it for asset protection. I don’t want one tenant accident to bring down my entire RE empire
How do you make an offer in the name of an LLC? - Posted by John Butler(Stl)
Posted by John Butler(Stl) on January 19, 1999 at 16:57:28:
I am getting ready to make an offer on my first large multi(24 units). I plan on putting it into an LLC that I will be creating at closing. Is there any special language I need to put into the sales contract to accomplish this?
Re: How do you make an offer… - Posted by Eric (NH)
Posted by Eric (NH) on January 19, 1999 at 18:31:00:
The other posts offer good advice. But however you take possession of title, your lender will likely want you to sign the mortgage note personally (in case you were hoping to get out of a personal guarantee).
I used an assignment clause. - Posted by Andrew Smith (Phila)
Posted by Andrew Smith (Phila) on January 19, 1999 at 18:02:07:
I just purchased a 6 unit property and took title to it in a newly created LLC. I simply wrote up the offer in my own name with and/or assigns next to it. As an added safegaurd, I had a special clause in the agreement that read that it was understood that I might take title in a LLC. The clause created only a slight concern on the seller’s part but the seller’s attorney reassured her that it would not be a problem and it wasn’t. Good luck on your offer. How many units do you allready have? Where are you located? My partner and I purchased a 12 unit building early last year and now we have the itch to move on to bigger deals. Isn’t it fun. Again, good luck.
Re: How do you make an offer - Posted by JPiper
Posted by JPiper on January 19, 1999 at 17:57:38:
How about “John Butler and/or assigns”?? You assign the contract to your LLC when it is created.