All Forum Posts by: Doug Trumbull

@John Spurlock Thanks John. It seems like I’m going to have to sell them on future business with me and a personal guarantee backed by liquid funds.
I'd like to use my LLC to protect my partner's assets (my dad) and make it easier to distribute profits and handle taxes.
If it’s too much trouble with lenders I’m just going to hold in my name with a strong insurance policy. 

Does anyone have referrals for investor-friendly lenders that will allow them to warranty deed from their name to an LLC post-closing?

Fannie Mae and Freddie Mac guidelines allow for this but some lenders don't stay up to date... 
 

How did this work out for you Andrew? I am concerned about the bold/underline section below: 

• the LLC is controlled by the original borrower or the original borrower owns a majority interest in the LLC, and if the transfer results in a permitted change of occupancy type to an investment property, such change does not violate the security instrument (for example, the 12 month occupancy requirement for a principal residence).

Does the occupancy type need to change from "owner-occupied" to "investment property" to qualify for this exemption? 

Hi Randall. My partner lacks significant capital but has some relevant experience as well as time/energy. He will be helping find deals, performing site walks, maintenance, etc. I figured it would be easier to give him a small chunk of equity for his time/energy than trying to jump through hoops to pay him as an independent contractor. 

My partner in my multi-member LLC will be performing many of the maintenance/management activities. In the state of Georgia, is there a minimum ownership percentage required to allow him to manage the property? I figured I would ask BP before I go to my attorney. Thank you in advance for your time.

Best, 

Doug