Help With Deal - - Posted by Cronk

Posted by ski on July 16, 2005 at 19:12:48:

If you are questioning your partner’s methods you DO NOT need him as a partner nor does he need you. Partners are personal friends as well as business friends.

Help With Deal - - Posted by Cronk

Posted by Cronk on July 14, 2005 at 12:42:17:

My partner and I are starting a business and need to know how to structure deals.

If I find a bargain property and pay all cash can my partner buy me out with conventional financing and hold the property in an S Corp or LLC that we manage equally?

Not sure I worded my question clearly enough however any help would be appreciated.


Re: Help With Deal - - Posted by Eek the Cat

Posted by Eek the Cat on July 14, 2005 at 14:58:49:

Can you? Sure, but realistically getting a mortgage as a corporation is tougher than as an individual… The real question is why would you want to? If you want to hold the property in a partnership or LLC just buy it that way in the first place…

You buy, you pay tax to transfer, put your name in the chain of title… your buddy then goes to try to get mortgage and now seasoning issues kick in, etc etc etc…

Just buy the property in the manner you wish it to be held and be done with it… that’s my suggestion.