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Updated almost 6 years ago on . Most recent reply

User Stats

246
Posts
159
Votes
Robert Tinker
  • Rental Property Investor
  • Round Rock, TX
159
Votes |
246
Posts

Using an LLC vs personal at closing

Robert Tinker
  • Rental Property Investor
  • Round Rock, TX
Posted

I'm new at this so bear with my inexperience. I have an LLC for another business, which I'm not doing anything with, (it's a farm not in production anymore). Can I use that same LLC or should I get a new one. I need to close in a few days using a hard money lender. Or should I close in my name and transfer to LLC later?

Most Popular Reply

Account Closed
  • Rental Property Investor
  • Orlando, FL
51
Votes |
138
Posts
Account Closed
  • Rental Property Investor
  • Orlando, FL
Replied

My HML asked me to create a new LLC or use an existing one for my current rehab project. We also had a short deadline for closing and going thru the process of a new LLC paperwork and potentially chatting with an attorney would require extra time (that we didn't have). So I used my existing LLC and bought the property with the existing LLC.

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