BEST ANSWER
Andrew Distad,
Real Estate Pro, La Quinta, CA
-THE FOLLOWING IS NOT LEGAL ADVICE; IT IS JUST OPINION-
Well, for starters you'd need a good paydex score and your fico score would be irrelevant unless there was a personal guarantee.
If the title was only held in the LLC, if someone triped and broke their neck on your property then they could not sue you and your assets, just the Limited Liability Company and THEIR assets.
An LLC taxed like a corporation but has some of the benefits that a sole proprietorship has and some it doesn't. You can also register in ANY state you wish regardless of where you're located. Some people who live in New York might register in Nevada because of the legal advantages or others might register in Oregon because of the low price to file ($50, ha ha!).
But if I were you, I'd do your own hard work to research it, hire an attorney and pay them well. And if you don't have money to pay an attorney then itemize the cost of an attorney in your business plan and submit the business plan to a lender so that you can get a loan to pay for the attorney and just pay of the loan with the profits from your business operation.
AGAIN, THIS WAS NOT LEGAL ADVICE.
Best of luck to you Peter!
Hey,... Didn't I just answer one of your questions about finding a "co investor"??? ha ha!
Well, for starters you'd need a good paydex score and your fico score would be irrelevant unless there was a personal guarantee.
If the title was only held in the LLC, if someone triped and broke their neck on your property then they could not sue you and your assets, just the Limited Liability Company and THEIR assets.
An LLC taxed like a corporation but has some of the benefits that a sole proprietorship has and some it doesn't. You can also register in ANY state you wish regardless of where you're located. Some people who live in New York might register in Nevada because of the legal advantages or others might register in Oregon because of the low price to file ($50, ha ha!).
But if I were you, I'd do your own hard work to research it, hire an attorney and pay them well. And if you don't have money to pay an attorney then itemize the cost of an attorney in your business plan and submit the business plan to a lender so that you can get a loan to pay for the attorney and just pay of the loan with the profits from your business operation.
AGAIN, THIS WAS NOT LEGAL ADVICE.
Best of luck to you Peter!
Hey,... Didn't I just answer one of your questions about finding a "co investor"??? ha ha!
Andrusha Bohackova,
Broker, New York, NY
Peter,
This just posted on realdeal - may be interesting to read.
http://therealdeal.com/newyork/articles/llcs-not-just-a-purc…
This just posted on realdeal - may be interesting to read.
http://therealdeal.com/newyork/articles/llcs-not-just-a-purc…
Web Reference: http://www.buyrealestatenyc.com
Andrusha Bohackova,
Broker, New York, NY
Its basically a corporate purchase. It is not unusual to find corporate ownership in NYC buildings....
You can for ex. open up an LLC that is designated strictly for the ownership of one particular property. You can then go ahead and rent out the property and that renter can be you personally , someone else or even another LLC or business as long as the building allows commercial use.
In NYC you want to make sure the building allows corporate ownership. As a rule condos will have no problem with that. I think you can most likely use your existing LLC to buy, but it may be better to keep your new ownership separate. There are advantages and disadvantages to the LLc ownership:
These are definitely questions for real estate attorney and an accountant to get it down to science and get the answers to questions on tax implications, resale conditions, financing details etc.
You can for ex. open up an LLC that is designated strictly for the ownership of one particular property. You can then go ahead and rent out the property and that renter can be you personally , someone else or even another LLC or business as long as the building allows commercial use.
In NYC you want to make sure the building allows corporate ownership. As a rule condos will have no problem with that. I think you can most likely use your existing LLC to buy, but it may be better to keep your new ownership separate. There are advantages and disadvantages to the LLc ownership:
These are definitely questions for real estate attorney and an accountant to get it down to science and get the answers to questions on tax implications, resale conditions, financing details etc.
Web Reference: http://www.buyrealestatenyc.com/aboutme.html
Robert Chomentowski 858-922-7899,
Mortgage Broker or Lender, San Diego, CA
If you get a residential loan, the loan would have to in your name. I don't believe you can get a loan solely in the name of the LLC.
Web Reference: http://socalfhahomeloans.com
