Posted by Randy (SD) on March 29, 2005 at 11:17:19:
Property can be held in any name, a corporation, LLC or your name personally. But this must be done post closing, in other words you must buy in your name then transfer the title to your LLC. Most lenders will not allow you to buy in name of a LLC, Legal entities like corporations or LLC’s cannot get mortgages… people get mortgages not legal entities. A simple analogy of the process would be to purchase a property, 123 Main Street after closing create a land trust we’ll call it 123 Main Street land trust with the beneficial interest of your land trust being held by your LLC. This provides some anonymity and limited liability protection in the event of litigation (someone is injured in your property, sues the owner “123 Main Street land trust”) however the land trust has no assets, except for the “property” which is encumbered by a mortgage… get in line. There are volumes of information available on the subject, search the archives.