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Updated about 4 hours ago,

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Warren Peasley
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Selling primary residence / new home into LLC?

Warren Peasley
Posted

Hello I am going to sell my primary residence in Idaho and use the proceeds to buy a less expensive home in Oregon without a mortgage loan (all cash). I plan to live there with my wife. We have adult kids. Would it be a good idea to create an LLC, let's call it "2500 Oak Street LLC" (fictitious new address) then list the new LLC as the owner of the home? If an LLC is the best way to go, should I create the LLC in Idaho using an address I plan to maintain in Idaho? Or should I use the new Oregon address for the LLC even though I don't yet live there? Or should I get a private mailbox in Oregon and use that? What else should I be worried about? I have a great accountant but I haven't asked her yet about this, and thought I'd run it by this forum. Thanks for any advice.

BTW this forum was thriving even 15 years ago back when I purchased my first rental. Happy to find it again and hope to contribute, as I have some rental properties now and 15 years under my belt dealing with that.  Thank again.

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