Hi everyone! Possibly a silly question but I am currently under contract for my first BRRRR and first REI period. I would like to hold the property in an LLC. Do I need to create the LLC prior to closing or just move it to an LLC before I refinance? Thanks in advance!
@Michael Conte hmm there doesn't appear to be an edit feature but I should add that the property is being bought with cash from a private lender with no "due on sale" clauses
@Michael Conte if you are under contract on it, then you probably put your personal name in the Buyer area.￼ Therefore, it is too late to purchase it in your LLC.￼ however, you can always warranty deed it over to your newly formed LLC after you've closed on it. Then, make sure your Lender (and yourself) are OK￼ with commercial financing terms and pricing once your refinance.
Yeah like @Dalyn Hazell said, just close in your name and eventually you can quit claim it into your newly formed LLC.