All Forum Posts by: AJ Brown

Hi BP, 

Does anyone know of any lenders that do HELOCs on investments properties? I have found one (and only one) but I'm trying to compare rates. 
Any suggestions?

Thanks,
AJ

Thank you @Mike S. and @Account Closed  

This is the first time I've heard of using a land trust. I'll look into that. 

@Amanda G. thank you. Did you see any benefit of having the title in the name of the llc while still having the loan in your name?

Hey all,

I know there are a ton of LLCs posts on BP but I have another one and it won't be my last :)
I have a couple of properties in which both the loan and title are in my name. I started to collect rent through an LLC I opened through L-Zoom but after doing so I kept saying to myself what's the point.
I say this because the loans are in my name. I can't transfer them without trigger a due sale clause so technically the LLC can't own them. For liability protection, I added an umbrella policy. I also don't see any difference in the tax benefits.

I hope I'm not sounding like a newb/dummy/jerky poster, I'm just trying to get an understanding of the pros & cons.
(I will say it is a lot easier to manage my finances through the LLC)

Thanks!
AJ

Hey BP, looking for a real estate lawyer in Georgia (preferably in the Cobb County/Atlanta area). Here is what I'm looking for:

• I have an LLC that I created on Legal Zoom that I would like reviewed. I've heard a couple of weird stories about Legal Zoom LLCs.
• I have two properties that I am closing on soon but would be in my name. I would like the title transferred to my LLC.
• For these same properties, walk me through if the mortgages can be transferred to my LLCs and if not, how to approach deals in the futures.
• Answer some other general questions I have. 

Let me know if you have any recommendations. 

Thanks,
AJ

Hey BPers,

Got an offer accepted on a townhouse for a good price but it is a master on main (two bedroom, two bath). Now I'm beginning to think that I've never seen a master on main for rent in Atlanta. 

Does anyone have any thoughts on if it would be difficult to rent and/or should I just walk away? If I could get it rented for the area's market rent it would cash flow nearly $300/mo but I would hate to have it sit on the market for a long time and then I have to cut the rent a lot just to get it rented out.

Thanks,

AJ 

Ok cool, thanks guys!!

@Sam Mitchell - thanks for replying, I'm looking at a home in Dekalb county if you have any recommendations there. 

@Nick Fitzpatrick - thanks for replying. Even with the PM, do I myself need to do the paperwork with the county/state or does everything go through the PM. The seller was telling me section 8 is the best thing ever because he gets paid on time and units are never vacant for more than a week. 

As many have recommended, I created an LLC to get started with my rental properties but I'm wondering now if it makes any sense.

It seems unless you have financed the home in the LLCs name there is not a great benefit. The tenant can still find out who you are and sue you because the house is really in your name and I'm also not seeing any tax benefit. 

What does an LLC give me that landlord insurance , umbrella insurance and a good accountant won't give me? Am I missing something?

I have a couple questions regarding section 8 in Atlanta. 

i) I'm looking to buy a home with a section 8 tenant in place and have a property management company manage it. Do I still need to register with the state as a section 8 landlord and go through all the paperwork and classes?

ii) I tend to only hear about the nightmare section 8 stories but is that the norm or outliers? Any good to great section 8 tenant experiences?

iii) Can anyone recommend a property management company that does section 8?

Thanks BPers