- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Rental Properties Spinoff: Should you LLC?
Posted on 3/15/17 at 10:28 am to thatguy777
Posted on 3/15/17 at 10:28 am to thatguy777
quote:
If you have a loan on the house as I do you are not technically supposed to do this and if the lender finds out you could possibly be forced to pay the entire loan off. I am also told if the lender does find out they will likely just send you a mean letter and you can hurry back to the title office and transfer back to yourself.
Or you just buy it in the name of the LLC in the first place. That way the mortgage and the title are in the LLC.
I would def recommend 1 LLC for your properties. I think having one for each property is overkill personally.
Your commercial lender at your bank should be able to help you easily convert them from your name to your LLC.
1
Posted on 3/15/17 at 10:58 am to TopWaterTiger
I'm not a lawyer but here's some advice I was told, if you are the person doing the work an llc for a rental property can be pretty worthless. Llc's are there to protect you as the owner from liability that others did, if you are the one liable for the issue paying $100/ year for a llc isn't going to protect you.
So if you fail to repair a roof and something happens, there's very little protection. But if your roofing contractor screwed something up there is protection for you through the llc.
So if you fail to repair a roof and something happens, there's very little protection. But if your roofing contractor screwed something up there is protection for you through the llc.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News