Posted by Bill (OH) on May 01, 2000 at 06:10:29:
‘Right away’ is the answer. You’ll need to sign a corporate resolution that allows you to buy, sell and encumber property—and then make sure all of the loan documents are in the name of the LLC. You will also want to change the contract to reflect a purchase by a LLC…
POSTING KENT’S QUESTION AGAIN - Posted by Anthony Henry
Posted by Anthony Henry on April 30, 2000 at 16:46:47:
ON BEHALF OF KENT OH, Im posting his post again. I would dearly like an answer so here goes
Hi everyone,
Although this may be a basic question, at what point in the closing process and to whom do I tell that I want the properties that I’m buying transferred into the name of my LLC instead of myself personally? The point I’m at in the process now is the loan officer submitting the loan package to different companies.
warmly,
Kent from Oregon
Re: POSTING KENT’S QUESTION AGAIN - Posted by Glenn-OH
Posted by Glenn-OH on April 30, 2000 at 18:33:11:
Immediately, I would think. The bank may not like it though, especially if you are representing the property as a personal residence. If they know it is for investment, they probably won’t care, but will want you to also sign for the note personally. Would a PACTrust be a better vehicle for what you want to do? Are you renting it? Do you want to increase your income and cut your expenses?
Glenn