Investor · Aliquippa, PA · Member since 2013 · 28 posts · 1 vote
On vacation in Tennessee at a property I inherited. Property down street looks like great deal. Would like to make offer. I have a PA LLC ( my husband and myself)but don't have LLC checkbook with me. Can I make offer with LLC name but use personal check for earnest money or should I make offer in my name and just change paperwork afterwards? Also are sellers hesitant about signing up for owner financing with new LLC as vs individual ( no LLC credit yet)? I was going to have property held in land trust. Just starting out and this is the missing piece..ie do sellers like to deal more with people or companies?
Dallas, TX · Member since 2013 · 4k+ posts · 744 votes
13y
Dawn,
If you are paying cash sellers will deal with anybody and all you need to do is tell the title company how you want it recorded. If you are putting a good amount down most owners will finance.
Investor · Cincinnati, OH · Member since 2010 · 1k+ posts · 928 votes
13y
It's OK to put up EMD from your personal funds, and then do a reimbursement from the LLC back to yourself when you get home, not a big deal, just document it and complete an LLC resolution regarding the purchase. The seller should be willing to finance to your LLC, you can offer a personal guaranty as necessary. (I'd insist on it if I were a seller financing to an LLC).
If yo do this, your LLC will need to register in TN as a foreign LLC, and will incur some fees and possibly an annual business tax there in TN.
Investor · Aliquippa, PA · Member since 2013 · 28 posts · 1 vote
13y
I called a title company about the need to register as a foriegn entity and they said if it was a one time deal I wouldn't have to worry about it, but since it will probably be a rental for a couple of years, I guess I will. Thanks