IS IT TO LATE TO GET MY LLC

[Ryan S.]

So I just bought my first flip proprietary in oak forest IL and am now wondering if I should have started an LLC first? Is it to late to start and sell it under my LLC name? Please let me know what you think

[Michael Seeker]

It depends how you purchased the property. If you used conventional financing (a typical large bank with 30-year loan) then you cannot deed the property as an LLC. If you used a hard money lender or paid cash, then you should be fine setting up an LLC to own the property under. If you go this route, you'd need to set up the LLC, then quit claim the property to your LLC. If you used a hard money lender, make sure you check with that person before setting up the LLC to see if they're okay with it.

-Michael