Quote:
On 2005-03-25 12:44, cjmazur wrote:
one stickler point, make sure "John Doe, Member" has the authority to bind the LLC per the operating agreement.
And may I add...
A word to the wise… if you are the LLC member with the authority to conduct business for the LLC, Make sure to file the organizations operating agreement & state registry of the LLC at the same place you have registered your deeds.
If you are purchasing from an LLC request copies of theirs…
Buy doing so you will avoid possible fraudulent transfers of deeds …. And unwanted litigation over the deed.
[quote]
On 2005-03-25 12:24, Eric5 wrote:
Motivated Buyer, how did you get financing for your LLC?
There are a few ( very few) lenders that will loan on SFR in a LLC. The down side they have a Low LTV around 70%. But for people that have 10 properties or more and are finding it hard to get another loan it may be time to refinance a part of your portfolio held in the LLC, the ones that have at least 30% equity.
One portfolio loan and the slate is wiped clean to start purchasing again.
Good Luck,
Robert
The contract would be Seller Real Estate LLC for example with the buyer being the person. You would sign the contract as John Doe, Managing Member
Motivated Buyer, how did you get financing for your LLC?
one stickler point, make sure "John Doe, Member" has the authority to bind the LLC per the operating agreement.
Quote:
On 2005-03-25 12:44, cjmazur wrote:
one stickler point, make sure "John Doe, Member" has the authority to bind the LLC per the operating agreement.
And may I add...
A word to the wise… if you are the LLC member with the authority to conduct business for the LLC, Make sure to file the organizations operating agreement & state registry of the LLC at the same place you have registered your deeds.
If you are purchasing from an LLC request copies of theirs…
Buy doing so you will avoid possible fraudulent transfers of deeds …. And unwanted litigation over the deed.
gtc
[quote]
On 2005-03-25 12:24, Eric5 wrote:
Motivated Buyer, how did you get financing for your LLC?
There are a few ( very few) lenders that will loan on SFR in a LLC. The down side they have a Low LTV around 70%. But for people that have 10 properties or more and are finding it hard to get another loan it may be time to refinance a part of your portfolio held in the LLC, the ones that have at least 30% equity.
One portfolio loan and the slate is wiped clean to start purchasing again.
Good Luck,
Robert