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Updated almost 8 years ago,
In law apt on primary residence, can I add to LLC?
First of all, this is my first post in probably one of the best sites i have ever visited across all subjects even outside of real estate, excited to be part of this vibrant community.
I'm in building a business plan phase for a buy and hold rental model.
2 questions have come up while exploring the podcasts and forums.
1. I have an attached in-law apartment rented out on my primary home. Is there any way to add this to an LLC as a rental property? Currently off the books, and not sanctioned by the town. But was thinking I could redo taxes for 2015 and include in 2016 filing so I have a history to show lenders.
2. Is there a business profile "SIC Code" that my LLC should be set up as that is most attractive to lender and insurers? Meaning some industry codes are deemed higher risk than others.
That's it for questions when.
Really enjoying the podcasts from the beginning, adding questions and guidelines to my notebook as I go....really awesome content.
Thanks in advance for your guidance.