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I currently own 1 house in 3 states (WI, AZ, CA) WI house…

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I currently own 1...

I currently own 1 house in 3 states (WI, AZ, CA) WI house has been rented for 4 years, AZ is being marketed to be leased and we recently purchased our primary residence in CA. I have an LLC created in AZ and am wondering if I can sell all 3 houses to the LLC and take the equity for further real estate investments.

Submitted: 2 years ago.Category: Real Estate Law
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Answered in 56 minutes by:
3/3/2016
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago
ScottyMacESQ
ScottyMacESQ, Lawyer
Category: Real Estate Law
Satisfied Customers: 18,167
Experience: Licensed General Practice Attorney, Texas
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Thank you for using JustAnswer.

To be clear, you're asking if you can have your LLC purchase the properties, the money going to you individually, and the money pays off any mortgages and other liens and/or encumbrances, and then you personally take what's left to purchase more real estate property?

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Customer reply replied 2 years ago
That is correct
Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

Yes, you can certainly do this. Now I assume that the LLC has the assets to cover this. It still needs to be a sale, in that it needs to be more than a paper transaction for you to get the equity. It's possible that you can get a bank loan in the LLC's name (and not your own) so that you can purchase these properties in the name of the LLC and you get the equity to purchase others in your name. Any income would need to go through the LLC and accounted as income to the LLC, with tax records indicating such. But otherwise yes, you can do this.

Hope that clears things up a bit. If you have any other questions, please let me know. If not, and you have not yet, please rate my answer AND press the "submit" button, if applicable. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it positively (3 or more stars). Thank you, ***** ***** luck to you!

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

Did you have any other questions? If not, please rate this answer. Thank you, ***** ***** good luck to you.

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

Are you there? Please know that I am still here awaiting your response or rating.

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

My apologies, but I must assist the other customers that are waiting. If there's nothing else, please rate this answer. Please note that I don't get any credit for the time and effort that I spent on this answer unless and until you rate it 3 or more stars (good or better) AND press the "submit" button, if applicable. If you feel that I have gone above and beyond in this answer (my average answer is about 10 minutes) bonuses are greatly appreciated. Thank you, ***** ***** luck to you!

▼ RATING REQUIRED! ▼ Please don't forget to Rate my service positively. It's only after you rate that I am credited.

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

Did you have any other questions before you rate this answer?

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

I see that you have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

I see that you still have not responded in some time. Please note that this question is still open until you rate it. I believe that I have answered your question, but if you have any other questions, please let me know.If not, and you have not yet, please rate my answer. Please note that I don't get any credit for my answer unless and until you rate it a 3, 4, 5 (good or better). Thank you, ***** ***** good luck to you!

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Real Estate Lawyer: ScottyMacESQ, Lawyer replied 2 years ago

Was there anything else? Again, please note that this question remains open until you rate it 3 or more stars on your screen.

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