LLC: Out of State Purchases and Financing Options - Posted by Ayan of San Francisco

Posted by Ayan of San Francisco on April 22, 2002 at 24:06:41:

This is a multitiered questions–any and all advice is much appreciated!

1)I am in the process of forming an LLC in CA but will be doing the majority of real purchases in New York. It is a wise decision to set up shop in CA or should I create my LLC in NY?

  1. I am in the process of locating my first rental property for purchase in New york. Should I form my LLC and purchase the property as a company or should I make the purchase as an individual?

  2. I will be using some personal funds from a family member for my initial purchase, should this be made as a loan to the company or to myself as an individual person? Also, should I approach the bank for the mortgage as a LLC?

Thanks for any and all comments