All Forum Posts by: Austin Montgomery

@Ben C. If they are single member LLCs, they all end up on your personal tax return anyway (schedule E). This shows your income over time.

@Kase Knochenhauer

Thanks for the tips!! My current issue is that I don’t have 25% to put down. I have 20%, though.

I do have a new LLC set up for the property. The operating agreement could be amended for a new partner.

I graduated from college in May 2018 and am currently an active duty Army officer. Since graduation, I have acquired 1 house-hacked SFH, 3 rental SFHs, and completed 1 flip with a partner. I am currently under contract for a small commercial building (9 unit plaza/strip mall); however, I cannot qualify for a bank loan myself right now for the property.

The contract is for $150,000. I have 20% to put down, my credit is good, and I have an LLC set up for the property, but none of my rental income is on any tax returns yet. The property generates $2600/month right now, and conservatively will generate at least $4000/month when full rented.

I would be open to bringing on a silent partner, investor, or private money lender, but I don’t know the best way to structure that deal. 

What’s my best course of action right now? And/or are there any investors on here interested in the deal? 

Thanks!

Following.

I called. It's still owned by USAA. They just referred me to my mortgage that said they "may" enforce the due on sale clause.  

I guess I don't know who owns the loan at this point. I got the loan through USAA. I looked up to info on the Fannie Mae website, but they didn't own it. Do you know how I would find that info?

Michael and Joseph: Good idea. I think that's what I am planning on doing. 

Unfortunately its not owned by Fannie Mae. Nationstar/Mr. Cooper is the loan servicer. But thank you very much for the info! I didn't know that!

I have an LLC that owns three rental properties. I also have my personal residence that I am house hacking. I bought it with a VA loan, have lived in it 18 months, and am planning to move in a few months. I cannot move my property into the LLC without risking a due on sale clause, and I cannot refinance into the LLC because I don't have enough equity to refi to a commercial loan yet.

I am wondering if my LLC can still "manage" the property - i.e. the leases are in the name of the LLC, the rents go to the LLC, and the expenses/mortgage are paid out of the LLC account. I realize that I do not gain liability protection by doing this, but it simplifies my finances and gives a good marketing front by using my LLC name.

Here are the only issues I see: 1. Since my LLC does not have a broker's license, does it gaining financial compensation in a real estate deal create legal issues? 2. Does using the money from the LLC account to pay a mortgage in my personal name create issues with mixing funds?

I would be open to any recommendations for me in this situations with regards to simplifying my accounts, gaining liability protections, and/or getting this property into my LLC without risking a Due on Sale.

Thanks!