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Video instructions and help with filling out and completing How Form 2220 Assets

Instructions and Help about How Form 2220 Assets

Hi Clint Kunz here with Anderson Business Advisors. In this segment, I want to discuss buying property in a limited liability company and the various ways you can do it based upon how you're going to pay for the property. Now when you're buying long term, there's typically four ways we're going to buy property. That is either you're gonna buy for cash, you're gonna use traditional financing with a lender, you're gonna get a standard loan, you may use private money, or you could be using institutional financing. Let's assume that you're buying a pool of properties. Now, depending on the type of financing that you're going to use to acquire these properties or the cash that's being used for them, that is gonna change how we recommend you structure that deal. Now, this is very important when you're buying real estate with a limited liability company because you don't want to end up at, you know, two days away from closing and all of a sudden the underwriter tells you, "Hey, we can't close the way you're looking to do it because the LLC is wrong or we can't even take title in the name of the LLC." So what you want to do is make sure you're setting it up right at the outset so you can close on time. And point of fact, what I tell people all the time is check the title, check with the escrow, right when you start the sale, enter into that agreement or purchase and sale agreement to find out what they're gonna need at closing, to find out if you can even close in a limited liability company. All right, with that being said, let me just show you how you should structure these deals based upon the financing...