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Updated over 4 years ago,

User Stats

55
Posts
38
Votes
Jonathan Edmund
Pro Member
  • North Myrtle Beach, SC
38
Votes |
55
Posts

Financing and Purchasing Under New LLCs

Jonathan Edmund
Pro Member
  • North Myrtle Beach, SC
Posted

So I operate my real estate business as a Realtor in Myrtle Beach under an S corp for tax purposes and pay myself a salary. I also recently bought a rental under my S Corp. I paid cash so I'm going to move it into it's own LLC. When you put a property into an LLC, can you still have the rental checks go to the old s corp in my situation and still own the unit under a different LLC. I'm only doing it for liability purposes. Moving it is the easy part on that one because no mortgage.

Now I'm looking to buy more rentals but not pay cash so I can leverage my money. I don't want to keep putting all my properties in the same corporation that I'm running my business out of. I'd like to have an LLC for every single unit I own. How would one go about buying a property and moving it into an LLC after the fact. Most banks won't let me finance a property under a new LLC with no income history so I'm trying to figure out the best way to do this to protect myself and my investments. Since I'm using the LLCs just for holding property, I'm assuming I don't need to establish EINs and everything just get the LLC established?

I guess this is more of a tax question than anything. Any guidance here would be greatly appreciated. I just don't want the loan to be called because I moved a property after the purchase. 

  • Jonathan Edmund
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