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Updated over 17 years ago on . Most recent reply

Account Closed
  • Accountant
52
Votes |
119
Posts

Age Requirement Problems

Account Closed
  • Accountant
Posted

Hello everyone,
I have a question about legally purchasing (or putting under contract) property.

In Mississippi, one must be 21 years of age to purchase property. However, I wonder if I (at 19 years old) can form an LLC and purchase the property in the company name? Basically, Can I own a company that owns the property even though I am not of legal age? I just wanted to see if any experts know of any loopholes out there where I can do this.

I'm not so much interested (right now) in actually going through w/the closing (since I have a lack of huge capital). I am more interested in flipping the contract to local investors to build some small capital and also get the insight to evaluate deals before I'm ready to purchase one on my own.

Just wondering if anyone has any clue?

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