When purchasing real-estate in the past I have negotiated in my name but closed into “My New LLC” for that property., is this ok or are you doing something different?
Lou
Hi Lou,
Your contract should have a clause or a “and or assigns” phrase, enabling you to assign the contract to your newly formed entity. I would also recommend doing your contracting in the name of another LLC or legal entity that doesn’t have much in the way of assets in the event there was ever an issue with a seller or broker making a claim regarding confidentiality or some other thing (of course unfounded.)
Best of luck! Bob
Your contract should have an assignability clause. That gives you the freedom to take title to the property in any entity you choose, or to flip it to someone else for a quick profit without ever getting in the chain of title.
The best way to own property is in a Land Trust, and have the beneficial interest holder of the Trust be your LLC. This means you are not recorded in the chain of title, and holds the crown jewel (title) in an entity entirely separate from your LLCs that will be writing leases and doing business with the public (e.g. might get sued).
You should attend a seminar (or two) by Dyches Boddiford and/or Pete Fortunato to get fully up-to-speed on asset protection. Frank & Dave and this wonderful website are all about how to own/manage/finance MHPs, but Dyches and Pete are all about everything else you need to know to be in real estate (asset protection, partnerships, multi-member LLCs, Land Trusts, SDIRAs, options on real estate, financial analysis, 1031 exchanges, etc.).
There is an upcoming Legends of Real Estate conference with both of these guys (and a four more) September 26 - 28 in 'Vegas. I’ll be there. You should too.
https://garyjohnston.com/seminars/legends-of-real-estate/
To your continued success,
-jl-
P.S. I receive no compensation from anything sold on this site, or that other site. Unfortunately…! (:P)