Howdy Ags,
So I'm a fairly well-educated guy, but that education extends in no way towards business or real estate. As I get into my prime of life (ha), I'm considering starting a business with friend, specifically, owning rental properties. I have a lot to learn.
My first question is this: if I own a piece of land, but it was financed and I still owe money on it, can I transfer or sell this land to my business? If I were to sell it, I would want to sell it for pennies on the dollar to create equity in the company, and then just continue to make payments on the land as a personal expense. Is this possible?
Thanks!
So I'm a fairly well-educated guy, but that education extends in no way towards business or real estate. As I get into my prime of life (ha), I'm considering starting a business with friend, specifically, owning rental properties. I have a lot to learn.
My first question is this: if I own a piece of land, but it was financed and I still owe money on it, can I transfer or sell this land to my business? If I were to sell it, I would want to sell it for pennies on the dollar to create equity in the company, and then just continue to make payments on the land as a personal expense. Is this possible?
Thanks!