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Updated over 6 years ago, 06/25/2018
What all do you put in your LLC?
We have an established LLC in South Carolina. For tax purposes, we intend it to be disregarded entity. We will be purchasing at least two SFHs in the LLC soon. We're going to BRRRR the two houses and keep them for rentals. We will do a good bit of the work ourselves.
Up until now, we've had one SFH that we maintain and lease ourselves.
We have a number of tools and some equipment that we use to maintain and repair the current property and will be used to rehab the two new properties. Does it make any sense to put these into the LLC? Is this done with a bill of sale?
Also, does it make any sense to have the LLC manage the property that we own in our own names? I realize that we could put the property into the LLC but there is a mortgage with a due on sale clause (which is a topic with about 2 gazillion threads devoted to it).
For properties in the LLC, do you have the LLC on the lease? I would assume so sense rent should be collected into the LLC's bank account.
And yes, I have an attorney. But I'm DIY to a fault. I don't meet with professionals without coming with my own ideas. I'm an engineer so I'm like that.
Thanks for your input!!