Purchasing a Rural Mobile Home Park with an LLC

[Karli F.]

Hello,

I am currently in a position to purchase my first investing opportunity and my first MHP. I would like to have it in an LLC but I am unclear on whether I need to have that established prior to the purchase or if it can be transferred afterwards (or what is easier). Experienced input would be much appreciated! :)

[Derek Robinson]

I would do it beforehand. I've purchased four MHPs and I find it's much easier to go ahead and form the LLC and have the closing attorney close it under your new entity. you can make the name of the LLC something generic, just in case you don't close on this deal, you can use the LLC for the next deal.