Updated almost 13 years ago on . Most recent reply
How to use LLC
Hey guys. I finally picked up my first flip after 5 months of trying. I used a conventional loan so the house is in my name. I opened a LLC for my tax write offs and I'm looking at a 20k rehab.
My question is how can I use the LLC for tax write offs on the rehab expenses when the house is in my name? I'm going to be hiring a contractor to do most of the work. Any help appreciated. Thanks
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#3 Guru, Book, & Course Reviews Contributor
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You might see about contracting the llc to provide the rehab, the work is done through the llc and take the profits there, that is if you can act as a contractor in your operating agreement and under local license requirements.
You can also assign the property, in whole or in part by agreement and deed to the llc. You may put your private loan at risk assigning the property, run it by you lender.
I see someone above hasn't caught on yet, solicitations in the forms without much participation aiding in solutions to a question. Great way to get ignored here!