Bought duplex personally but now want to have my LLC own/manage it...
Hi BP,
In May I bought my second REI deal. My first deal was seller financed (see my post HERE) so I didn't need to involve banks, etc and made purchase with my LLC. It's owned and managed by my LLC with no inter mingling personal finances, etc. However, my second deal I didn't have seller financed and purchased with a conventional bank loan personally with a downpayment out of my personal checking; It's also in my name. I like to have it run like my first deal to where it's under my LLC but not sure the ramifications of me already using a personal loan and DP to purchase. I know there is something I can do with land trusts but… what is BPs thoughts? I'd like a way to either transfer everything to my LLC to where I can use my business bank account and under my business name or another strategy. Goal is mainly to protect myself and to keep accounting simple and centralized; also taxes organized, etc.
Thank you
-Chad Hurin
