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Updated about 4 years ago,
Multiple LLCs, Multiple Properties, Multiple Bank Accounts?
Hey All! So I have bought my first 3 properties in the last year all with partnerships and different loan structures. I am looking for help making sure everything is in line and I have gotten the process down so I can continue to repeat buying more with different partners.
Property 1: Purchased with a 25% down mortgage under my name. But the down payment money came 50% me, 25% my dad, 25% my brother. We created an LLP for this. But the mortgage and title are under my name. Bank accounts are all three of our names.
Property 2: Purchased with from a Cash out refinance on my dad's primary residence. Title is under an LLC, with me 50% my dad is 50%. Bank accounts are shared under our personal names.
Property 3: Purchased with remaining money in Cash out refinance on my dad's primary residence. Title is under the same LLC from property 2, with me 50% my dad is 50%. Bank accounts are shared under our personal names.
Questions I have been searching the answers to:
1. For Property 1, do I have to change the title/mortgage under the LLP? If so, how do I do that? Do I need to make sure all the bank account work is done through one that is owned by the LLP.
2. For Property 2, Do I need to make sure all the bank account work is done through the LLC? Instead of our personal names?
3. For Property 3, should I get a new LLC to separate the ownership from the second one?
4. For Property 4, should I get a new bank account so all the work is done with the LLC?
Thank you so much, I appreciate you taking the time to read this, I need help!