Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Personal Finance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago, 06/29/2017

Account Closed
  • Investor
  • Valencia, CA
0
Votes |
2
Posts

Legal Set Up (Entities, Bank Accounts, Leases, Title, etc)

Account Closed
  • Investor
  • Valencia, CA
Posted

My set up has gotten a little out of control. Here is what I have:

  • 3 rental properties all with my personal name on title
  • 3 mortgages in my personal name (banks wouldn't lend to my LLC)
  • 3 Bank accounts (in my LLC's name)
  • 1 LLC

Here are my questions:

  1. Should the leases be in my personal name, or my LLC's name?
  2. Should I quit claim the properties to my LLC? Know that I can't put the mortgage into my LLC's name. I tried.
  3. One of the leases are in my personal name, and the rent is getting deposited into my LLC's bank account. Is that commingling personal with business (LLC's) funds?
  4. Should I put the rental income on my Schedule C or my Schedule E? What if I want to show my LLC is getting income?

I suppose some/all of this depends on what I am trying to accomplish so here it is:

  • Buy more rentals

At the moment my LLC can't get any loans because lenders ask me how much income my single-member-LLC makes per year/month and I honestly don't know how to answer that. Is any of this income for my LLC? Could/should it be?

I can't get any more personal mortgages to purchase more properties either. Prices have gotten too high (LA County), and my income (salary+rental) is already leveraged as much as the banks are willing to allow.

Loading replies...