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#1513818 - 02/23/11 10:21 PM Primary residence?
MadisonCali Offline
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Joined: Jun 2006
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We did a real estate investment purchase loan to an LLC, whose sold owner quit claimed it himself the day of purchase. He was living in it at the time, but in order to refinance it in the secondary market, he has to be an individual owner of the property for six months, hence the quit claiming.

Do I report the purchase loan to the LLC as the non-entity borrower? And do I say it's his primary residence, even though it was an LLC at the time of origination?
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#1514029 - 02/24/11 03:36 PM Re: Primary residence? MadisonCali
Mrs. Rizzo Offline
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Curled up by the fire...
I would report it the way your transaction was structured not what happened after the fact.
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#1515077 - 02/25/11 09:52 PM Re: Primary residence? Mrs. Rizzo
MadisonCali Offline
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Joined: Jun 2006
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Thanks...that's what I was leaning towards smile
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