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Since we're having a hard time to sell our rental properties due to the bad economy. Can We (siblings) set up an entity to buy the rental properties. We as a ownership will be 50:50. I have the better credit history than my brothers and sister - so I called the guarantor on the loan. Once it closes each of us ( including me) will be paid off. We all wanted at least 50K each. In this case we are the buyer and seller. Plus we'll still control the real estate. Will this work? Thanks!
WAIT a minute! You have to fund the entity you're setting up to buy the properties. So how can you guys fund it and then be paid off. You're dreaming or there's something left unsaid.
It sounds to me like you (and your siblings) want to take property you have in your name personally and sell it to a company that you all own. Is it possible, sure. There are a lot of things that need to be done first that require money, time and legal advice. You guys will need to start the company and incorporate, get an LLC, or whatever business entity you choose to hold the assets. Once it is set up you will need to find funding. Here things may get tricky because new companies have no credit. The principals of the company will most likely need to sign a personal guarantee for the loans that will be made (means you and the company are both responsible for making sure it is paid back). the bank wants to make sure they get tehir money. If there are any outstanding liens on the properties, these will be paid out first. The remaining money will then be distributed to the person(s) on the title of the properties. You will also want to get a good tax person involved as you are now talking about gains from selling the properties and also potential gains from the company. Also, make sure that you get advise on which type of company to start. Some have very strict requirements on shareholders, meetings, minutes, and papers that must be filed. If these things aren't done, the benefits from the company can be lost as it will be perceived as just a dummy company.
Yes you could, but where is your business entity getting the capital to purchase the property? You are going to have to each put in money into the business to gain partnership and establish startup capital. So in the end, you will not gain anything except moving the ownership of the property to a business name and not in your own names. Even if the business entity were to borrow the money, the bank will not loan you the money without capital to mortgage against. I think you need to talk to an accountant or an attorney about what you are trying to do so they can give you the best advice as to how to do it.
Before doing anything, PLEASE consult a competent real estate attorney iowa a knowledgeable, competent title clerk. It shouldn't cost a lot of money to do things the right way - the legal way. I can't tell you how many times folks took real estate matters into their own hands - only to have a mountain or a mountain range made out of a mole hill. Thanks for asking your Q! I enjoyed answering it! VTY, Ron Berue Yes, that is my real last name!