Closing with LLC

[Steven Bishop]

Hi folks,

I'm new to the real estate investing world and am trying to sort some things out in order to get started. I want to close on my properties in the name of an LLC (which I assume is a common issue), but am having trouble finding a bank willing to do this. Does anyone have any advice on how to find lenders that are willing to do this? I found Dwell Finance, but the interest rates are a bit high (6-7%) and I've seen some negative reviews of their lending process on the forums. I'm in the Richmond, VA area.

Thanks for any advice you guys have!

-Steven Bishop

[Jeff B.]

The outline goes like this:

• First create the LLC in your name.
• Purchase and close in your name
• Then use a Quitclaim Deed to change the VESTING into the LLC.

Discuss openly with the bank and get an Opinion Letter from the County Tax Assessor of your intent.

USUALLY, this does not invoke the Due On Sale nor a taxable event from the County,

but as always, get a qualified legal opinion first.