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Updated over 10 years ago on . presented by

Jack W. Wong's profile image
Jack W. Wong's profile image
Jack W. Wong
  • from Flushing, New York
  • Member since Sep 1, 2014
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33
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Jack W. Wong's profile image
Jack W. Wong's profile image
Jack W. Wong
  • from Flushing, New York
  • Member since Sep 1, 2014
Connect
Jack W. Wong
  • Flushing, NY
3
Votes |
33
Posts
Tax, SDIRAs & Cost Segregation

irrevocable trust question/partnership

Jack W. Wong
  • Flushing, NY
Posted

Hey all,

I know about the due on sale clause if you try to transfer ownership of a property to a LLC. Can I do the following to go around it?

For my situation I am planning on going 50/50 capital with 1 partner to buy a property but the mortgage is under my name. What I will do next is transfer this property into a irrevocable trust which is owned by a corporation (corp is owned by my partner and I). Therefore my partner and I would own the property 50/50 through the LLC.

Has anyone ever done this process?

Any suggestions/referrals for good real estate lawyers?

Greatly appreciated!

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