Purchasing Property Before LLC Finalized

[Account Closed]

Hi BP folks! My partner and I are purchasing our first investment property and we're at the point where we have the capital to make a move on whatever property best aligns with our interests. We're purchasing a non-commercial multi-family.

The problem is that our LLC isn't finalized but I'm loathe to wait until it's finalized with the busy season rearing up. We're based in New York state, so we're at the point in the process where we've sent in the certificate of publication.

My question is, what are some of the ramifications of taking it out in our name personally and then transferring to the LLC? Will business expenses not count toward taxes until the property is owned by the LLC?

If anyone has had a similar experience I'm all ears!

Also, this is definitely my first post so please flag for me if this post should be elsewhere/on a different forum and such.

Thanks!

[Raul R.]

Taking loan on your name and then transferring to your LLC might implement”due on sale clause”.
Also remember typically banks don’t like lending to LLC, although yes it’s possible to find you may end up paying higher interest.
If you’re concern about Liability I suggest keep Property in your personal name and consider Million dollar Umbrella Policy..