Updated almost 9 years ago on . Most recent reply
Agent Bringing Money for 4 Plex Close
One of my real estate agents put in an offer on a 4 plex, I am HML financing, and we are planning on her (the agent) bringing the cash to close. Contract is already accepted, but not yet in escrow. I realize the agent cannot have an interest in the property, so we are looking for the best possible solution business wise, tax wise, and cost efficient before during and after the transaction. Some things to consider as well as options I've thought up to create the best method are listed below:
1)Giving the contract to another agent in the building while still keeping the majority of the commission.
2)Units have their own parcel #'s, so same day close of her purchasing on separate contract one of the units from my LLC in turn giving me the down payment to close the financing with HML.
3)Both of us have our own individual LLC's in which we are the 100% sole owners.
Honestly I have so many ideas going through my head right now but in reality, I don't know how to work around this situation. Some creativity is definitely needed. Thanks in advance.