All Forum Posts by: GERT S.

I have a rental-income producing house in my single member LLC.

I need cash fast. I have tried to sell this house, but have been unsuccessful so far.

Can I (as an individual) buy the house from my LLC? I will get a mortgage loan. I will buy the house from the LLC. And then the LLC will distribute the money to me.

Is this legal? Will it work? What costs will be involved?

Thanks.

Thanks Cameron, I will probably add my wife as a member. I think the drawback of this is that once I add my wife I would have to file a partnership tax return?
Can you perhaps share your operational agreement?

I went to cheap way, and formed an LLC (Florida) online without speaking to an attorney first. I know, fools rush in where angels fear to tread.

My LLC just acquired 2 condos that need a little rehab. After rehab, the condos will be rented out. This is the only business the LLC has ever done.

I am married. When I set up the LLC, I made myself the sole member, because I thought that that would give us better protection. But I was wrong.

www,alperlaw.com says: "Under current Florida law a debtor’s interest in a single member LLC provides little asset protection benefits. New LLCs designed for asset protection should include a least two members, and existing LLCs should add at least one member to restrict creditor’s rights to charging liens."

So now, I think I should add my wife as a member to the LLC asap!

Can I just go ahead and add her as a member? Will there be complications? Should I be concerned about Property Tax Reassessment or anything else? 

Any advice will be greatly appreciated.

Thanks,

Gert

@Steve Olafson, I hear what you are saying, and I do agree that it is a good learning experience. But I think I now have enough information to make a reasonable decision not pursue this deal any further. 

@Tim Hall, thanks Tim, I agree. I am going to pass on this one.

@Steve Olafson, thanks Steve, I agree- I think the estimates put out by the listing agent are probably inaccurate. After the advice I received from fellow BP members, I am not going to pursue this deal any further.

 Thanks Sebastian, I appreciate it! Good luck with your ventures is tlh!

Thank you very much Sebastian! Your insight and knowledge are greatly appreciated- I am going to stay far away from this deal. All the best, Gert.

Hi everyone,

please check out this listing...
http://www.loopnet.com/xNet/MainSite/Listing/Profi...

Price:$399,900
No. Units:32
Building Size:14,400
SFPrice/Unit:$12,496.88

Is this a good deal?

Looks like there needs a lot of work to be done on the property. The listing says:
"Needs moderate rehab including kitchens, bathrooms, A/C's, floor covering, paint, etc. Estimated cost of rehab $8,000 - $10,000 per unit. We have a commitment for a Purchase/Rehab Loan of at least $400,000 for the Buyer!"

I live in Orlando, so I will need a PM and general contractor, but the listing says:
"We can also refer you to a great property manager and excellent tradesman who'll get the job done on time and within budget!"

Can anyone from Tallahassee please comment if this property is in a good area?

I am still pretty much new to investing in properties. Is this deal too risky for a newbie?

I will greatly appreciate your advice.

Thank you,

Gert.

Hi Andrew, can you please message me your property manager's info? Thanks, Gert.