All Forum Posts by: Chad W.

Appreciate all the feedback so far.
Some other details:
The rental home is in Memphis, Tennessee. My property manager has filed paperwork with the court to begin the eviction. 

One of my rental properties has not paid rent and an eviction notice has been filled. The person that signed the lease is no where to be found, but a relative of theirs (not on the lease) is living in the home.

What rights to I have to get them out of the home and what is the fastest way to make that happen? Are there any pitfalls to look out for or advice?

Are high income W2 earners able to deduct depreciation and mortgage interest on investment single family homes, or is it considered part of the suspended passive loss that can only be used at the sale of an investment home?

Checkout rickwillis.com. He has been in the business for over 40 years and knows the market for investment properties.

Does anyone have experience using U.S. Deeds to transfer a property from your personal name to and LLC? I would be requesting a warranty deed. Also open to other recommendations on how to get it down. Anything else to look out for or be aware of?

Thanks BP Members!

I had a tenants pay a year upfront who recently sold their business and wanted to travel. They did this for the first 3 years. They signed a new lease every year. In the 4th year they started doing month to month. They are still Tenants now, 9 years later. So far they have never missed a rent payment.

If I have a Florida LLC owned by a single member Wyoming LLC, am I protected with charging order protecting through the Wyoming LLC. In other words will I be treated as an LLC and not a sole proprietorship?

Unfortunately, a 2010 Florida Supreme Court case (Olmstead v. Federal Trade Commission) found that the charging order limitation did not apply to single-member LLCs in Florida.

This means that any Florida single-member LLC is not treated by the court system like other LLCs, but instead like a sole proprietorship.

In a worst-case scenario, a creditor seeking repayment from a single-member LLC in Florida could seize control of the company, redirect distributions and liquidate assets until the debt is paid.

Thanks for the guidance BP Members!

Thanks Jason! The investment property is SFR.

I recently purchased a property in my personal name and my plan is to transfer it to an LLC. My existing insurance company told me if I transfer the property to an LLC, then I will need to get a commercial insurance policy. I asked if the LLC could be added as "named insured" and they said "no". I also have a personal umbrella policy that will not provide coverage on a separate commercial policy. My goal is to buy and hold property.

Has anyone experienced this? 

Any recommendations on how to structure things?

Any recommendations on commercial insurance companies?

Thank you.