I have formed an LLC to purchase a rental property. On the paperwork for the purchase, do I list my name or that of the LLC? I am buying with cash.

Asked by Leroy1, 78209 Tue Nov 29, 2011

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6
BHHS- Don Jo…, Agent, San Antonio, TX
Tue Dec 13, 2011
LLC is the most likely choice. Since you are paying cash. If you were obtaining financing typically there would be some for of guaranty depending on your lender.
0 votes
Brian Rayl, Agent, Dallas, TX
Mon Dec 5, 2011
Leroy,

If you are paying cash, then you will put the LLC's name on the contract, but generally you will have to sign your name DBA your LLC.

Ask your real estate agent and/or the title officer what the appropriate method of doing this in your area is. If you ever consider investing in real estate in Dallas, please feel free to give me a call.

Brian Rayl
Keller Williams Elite
972-949-4222
Brian@Rayl-Estate.com
0 votes
Rose Wilkins…, , Edmond, OK
Tue Nov 29, 2011
Put it in how you wish to take title, but I would also recommend putting it in the name of your LLC. This way, not only do you have anonymity and a little bit of asset protection, if you ever get sued by your tenant, your LLC will be sued and not you personally.
0 votes
Mike Sullivan, Agent, Gainesville, FL
Tue Nov 29, 2011
Doing business as an LLC, you should place the property in the name of the LLC..one of the purposes of the llc is to 'limit liability'...putting the property in your name places you in line as being liable for anything that happens on the property....
0 votes
Beth A.Mitro, Agent, Henderson, NV
Tue Nov 29, 2011
If you are planning on putting it in your LLC yes purchase it in your LLC. You can transfer after close but there usually are fees. Ask your title company what the fees are.
Web Reference:  http://www.agentmitro.com
0 votes
Ron Thomas, Agent, Fresno, CA
Tue Nov 29, 2011
Not knowing; I would suggest asking the Title Officer:
I know, one of the questions that they always ask, is "How do you want to take Title?"
You will have to deposit the Cash in the Escrow Account, so,
I would say it doesn't make any difference on the Offer, but probably better to say with the LLC.
Talk to your Title Officer.

Good luck and may God bless
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