Should I buy a house under a corporation company(LLC)?

[Carlitos]

So this is a situation between 3 people, my cousin, a guy (lets call him Tony) and myself. My cousin can not purchase a property due to his immigration situation. Tony is an American citizen but very irresponsible and not trustworthy anymore. My cousin was highly interested in purchasing a house a couple of years back, by using Tony help, by my cousin putting down his hard earned money and signing the house under Tony name.

Over the years my cousin has been on time with the payments, but my cousin no longer wants the house under Tony name so he wants to transfer the house to someone who is responsible. He wants to transfer the house under my name, and I don't mind helping him. But I have been thinking about maybe having the house transfer from Tony name to a corporation name under my name?

Advice?

 

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[Runum]

So this is a situation between 3 people, my cousin, a guy (lets call him Tony) and myself. My cousin can not purchase a property due to his immigration situation. Tony is an American citizen but very irresponsible and not trustworthy anymore. My cousin was highly interested in purchasing a house a couple of years back, by using Tony help, by my cousin putting down his hard earned money and signing the house under Tony name.

Over the years my cousin has been on time with the payments, but my cousin no longer wants the house under Tony name so he wants to transfer the house to someone who is responsible. He wants to transfer the house under my name, and I don't mind helping him. But I have been thinking about maybe having the house transfer from Tony name to a corporation name under my name?

Advice?

You can try. I don't think you will get a corporate no-recourse loan without a corporate history.

 

[Chris Kelsey]

If it were me in that situation I would take it through an LLC.

 

[ZCP]

If there is a mortgage, it may not be transferrable. You will probably have to 'purchase' the home.

 

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[Chris Kelsey]

@ZCP yes I think you're right, I'm sure if it were that easy more people would do it.

 

[Carlitos]

If there is a mortgage, it may not be transferrable. You will probably have to 'purchase' the home.

Yes, I forgot to mention this important information. The house hasn't been paid off yet so there is a mortgage, when they got the house under Tony name the house was worth around $125,000, but now is worth between $85,000 to $100,000. I do not know much about real state, but my cousin thinks we can transfer the mortgage from Tony name to my name.

By purchase meaning to pay off the remaining balance of the mortgage?

Honestly, my advice to him was to forget about that house, and let Tony keep it and see what he does. I told him is easier to find a house that he can purchase with cash, and this way I can run it through an LLC.