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Updated almost 3 years ago on . Most recent reply
LLC on Lease Agreement after the fact
Hi BP Community, long time stalker first time poster. I am in the process of taking back management from a Property Manager, as our current tenant moves out this week. So this will be my first time taking on long distance management. We are in Scottsdale, AZ and the property is in the East Bay. My question is really about the lease, our plan is to move the property to an LLC, but we are also in the middle of applying for a new loan to purchase a new property and I don't think I should be moving our assets around at this time and I also don't know if I have time to get the property into the LLC before having to sign the lease. Is there a way to amend the lease to be a contract with the LLC after the fact? Or would I even need to make that change if the LLC is a partnership between my husband and myself? I appreciate any insight!
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Quote from @Carolina Storms:
Hi BP Community, long time stalker first time poster. I am in the process of taking back management from a Property Manager, as our current tenant moves out this week. So this will be my first time taking on long distance management. We are in Scottsdale, AZ and the property is in the East Bay. My question is really about the lease, our plan is to move the property to an LLC, but we are also in the middle of applying for a new loan to purchase a new property and I don't think I should be moving our assets around at this time and I also don't know if I have time to get the property into the LLC before having to sign the lease. Is there a way to amend the lease to be a contract with the LLC after the fact? Or would I even need to make that change if the LLC is a partnership between my husband and myself? I appreciate any insight!
It's simple. Sign the lease with current ownership. When you transfer it to an LLC, provide the Tenant with a simple addendum that says ownership was transferred to the LLC but all other terms and conditions remain the same. Both of you sign it and it becomes part of the contract.
- Nathan Gesner
