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Updated about 8 years ago,
Adding LLC or entities after purchase
Hi BP community
I would like to know if anyone has bought properties under individual names and then adding LLC or entity name afterwards and sell it under LLC. I have been buying homes under individual names solely because of conventional financing through traditional banks since they don't lend to entities. I have been saving money this way but have experience more tax upfront when going to re-sell of property afterwards. From you experience, is this something that can be done and should there be any concerns about chain of titles or other unforeseen hurdles that can come with doing this. I'm actually going to accept an offer on one of my flips that has been structure this way and want to make sure I don't make a big mistake by adding my LLC in the process of selling.
Thanks