|Buying Homes from LLC||<– Date –> <– Thread –>|
|From: Jasmine Gold (juturnaix.netcom.com)|
|Date: Tue, 6 Apr 1999 14:06:41 -0500|
We are preparing to place an offer on a property that just came on the market in Mountain View, California! It is a 1 acre property that currently has 12 units on it. If we can afford it, we will also make an offer on the 0.5 acre property next door with two units. Some of us are planning to move in now with minor retrofitting while we prepare to tear it down in order to rebuild it in a better cohousing configuration with more units of varying sizes. We plan to form an LLC to buy it. However, we aren't sure how to handle things from there. Has anybody been in this situation? How did you handle shares? Did you rent a unit from the LLC and also pay your portion of the mortgage? Did you figure out the value of your home and just pay a portion of the mortgage based on that and no rent? Are we able to deduct the interest on the mortgage if we pay rent? We don't want to become a condo yet since we plan to tear down the units so I guess we will be similar to a co-op. Is there some list that would be more appropriate to post this to? Please send your replies to me directly at juturna [at] ix.netcom.com since I subscribe to the digest and would like to get replies sooner. Thank you. --Jasmine Gold
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