C Corp Question - Posted by Mike A (NY)
Posted by Mike A (NY) on March 12, 2002 at 12:02:50:
I am planning to create a C Corp to do flips and rehabs in New York State and have some concerns. I currently own a two family house that I purchased in October. The house is listed under both my wife and my name. We purchased before I discovered the benefits of land trust etc. Our intention then was to hold and rent the house, but after making some improvements I want to sell it. What steps do I need to take before selling. Should I wait until I set up the C Corp, and then transfer ownership to the C, and how will this effect my loan? Could the lender call the loan due, because of the transfer of ownership to the Corp.?
I’m sure you all have addressed these questions before, but I had little luck in searching for my answer.