All Forum Posts by: Brittany Olofsson

I'm new to the rental property scene. Up here in Clarksville, where houses aren't staying on the market for much more than a week! So many people moving here!!

@Paige Hutchinson I closed property in our names and then 6 weeks later did quick claim deed of property to my LLC which we are again listed as owners of LLC and few years ago freddie and fannie said you can do this as long as names are same on both LLC and mortgage. They wont call note due. I spoke to my lender about this and they told me to so this and helped me.

I have my first SFH rental. I have home owners insurance on it. Property is in LLC name but mortgage in mine. My question is about an umbrella policy. I currently have a policy on my primary residence. Do I just add my investment property to existing umbrella policy (which is what insurance agent is saying) or because its in my LLC name have a separate policy for business property. Thank you for any advise.

Thank you so much for your help. I have an appointment to talk to my attorney on Wednesday to see what he thinks would be best. I also looked into my interest rate and as you said it was high. I am now getting a 3.65% which does make my numbers better. I greatly appreciate your time and help. I am going to make this year great starting from the start! We close march 5th! 

@Greg Scott Thank you for the very helpful response. The Roof did have an inspection and they gave it 10 more years. I was actually working on financing through my LLC which my bank will not do so they are recommending a trust Instead? Do you feel that with my first property I would be okay doing it as an individual with an umbrella? It is such a talked about topic and Im so unsure for liability reasons.

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I am working on starting my rental business and have saved some money. I recently had a family member pass away and left me money in their 401k account. My question is if I pull the money out I will be taxed at my bracket which is 32%. (Which would mean $25k in taxes on this money) Also maybe a penalty? Do you suggest I forget about trying to use this money for my business? I dont want to take such a big hit! Family says I should just roll it over to my 401k and forget about trying to use it to get my business up and running. I really see this as an opportunity to get my business moving!! I would greatly appreciate any thoughts on this matter. Thank you.

I recently applied for my L.L.C. and then got my EIN. I live in Florida. Today I got in the mail a letter/bill in the mail stating that because I have an L.L.C. I now need to buy a State and federal Labor law poster to post in a central area of my business for all employees to see. It states I need it if I have 1 employee or 1000. But I only have myself and husband in the L.L.C. as we are just getting started into the real estate world.  I do not think it is right that I have to buy this poster for $94. Has anyone else had this situation and if so can I just ignore it or what should I do? Thanks for your help. 

Thank you very much. I plan on a PO Box as a form of rent collection as well.