All Forum Posts by: Ernest Rogers

Jeff, cant a Will be changed ? i wouldn't want an argument to just take me off or something.

Wayne, Girlfriend is agreeing. I have paid full mortgage for 4yrs. she now pays 1/3rd.

Christopher, wrong choice of words. I have a house we rent out , she has a house we rent out, we moved into a house together and I wasnt working, therefore, only her credit and income could be used to get our house. We moved in together in the hopes to get married one day, we are fine the way things are, but I need protection if something were to happen. 

A Will, wouldn't this be a tax, or unpaid bills nightmare. Meaning if she Wills me the house, then upon her death I will be responsible for her Estate, Bills, ETc. and the collectors can use the Deed against me ? as apposed to, if its in my name also, she passes, the home is not part of her Estate. ? 

    My Girlfriend and I bought a house together, but its just in her name. If something were to happen to me, she is obviously covered. I need this same protection and peace of mind. If she were to pass, there is nothing that says the house is mine when its paid off. I've heard of Quit Claim Deeds , I don't know if that involves a Gift Tax, which I was told there isnt anything in South Carolina. 

    Details, Home is Mortgaged for $150,000, Value is higher around $200,000. Longs, South Carolina 29568 located in Horry County. I am waiting for a response form a local lawyer, but I don't want to get screwed for not knowing all available options. This isn't the best lawyer in the area, so I would like to go in with some info to ask and then make a decision.

     Any help, comments, insight would be greatly appreciated. We are not getting married at this time for the obvious responses of just get married and that will fix it.

Does it not matter that the house is owned by me and was my primary residence and last year I started renting it out as an RTO ? I claimed taxes in Jan as $761 income from property, and depreciation of the house last year. So I kept being told I need an LLC for protection, taxes / lower tax bracket, and sepration of profits. So I created the LLC. I didn't buy the house to be a rental, just a house I moved out of and will sell.

My main purpose for the LLC is lawsuit protection, out of my name forDebt to Income Ratio, and starry building business credit for futer buy and hold properties.

Did I do it wrong ?! Ugh 

Did I mess up already, ugh !!!

I already set up an Sole Proprietor LLC. I will do an S-Corp. Taxation. The banker said the account shows the LLC , then a DBA my name with property address under it. She said when I buy more properties I don't open more accounts or LLC's, that the accounts just branch out as a DBA

The DUE ON as a rental I already contacted the mortgage company and they say there is no DUE ON... thats what I do with the property it doesn't matter, that they dont care where the payments come from each month, just as long as they come. It's backed by the VA also, they also said it didn't matter.

This house has been rented for 2 years already, just now setting up an LLC for Debt Ratio and Taxes.. as far as numerous things I read and seminars instructed... but they wanted money . Ugh

yes, I hear of a quit claim deed or another option. I'm being told that my name stays on the mortgage, no refinance or a purchase, just a form thats filed that shows the Business owns it. 

I work a lot, it's hard to contact a lawyer. Is there a service online, reliable, that I can talk to and they suggest or draw up papers of what needs done. 

The reason I need this is to free debt to income ratio, and taxes . 

I'm also military, so I am hoping there is a military service like JAG that can do this for me as well. 

The first is always the hardest. 

I have read and read, and maybe someone can direct me to. Post similar to my situation. I think its easy and straight forward, however, by reading others situations, it get lost. 

I have home in my name only. I am renting it out with a Rent-to-own contract. Basically he is paying rent until the rent pays off the mortgage. (its too far for me to maintain and have as a HOLD Property) At that time, we will figure out what we need to do to transfer the property to him. 

I keep being told I need an LLC , so I started one. (I want to own numerous properties as rentals soon)

The LLC is owned by only me, it's set as a Sole Proprietor right now, but will apply and set as an S-Corp. (I read its the best for taxation)

I do make $250 profit each month. Tax return last year showed all rent money as income and only depreciation as a relief . Even though income was really only $250 a month. I had to claim $751 as income. This is why I am told to do the LLC. For tax bracket purposes, and debt to income ratio on my personal accounts. lastly to start business credit now to be able to own more properties later. Trying to refi our current home to rid the PMI, so Debt to Income Ratio is a huge reason and the renter suing protection.

So the question is.....setting up the Business Account now , I have the EIN, (I didnt put it as a DBA , should I have ??? (Banker set up a new account under the LLC name and then the account as a DBA property address. ) also my insurance is rental insurance, however they said once I have the LLC setup call them and they change it over to the LLC with a DBA....

I'm confused. Did I miss something ??? How does the property get out of my name, into the LLC ??? I read Quit Claim, others say no. (I spoke with a lender and NO DUE ON CONTRACT would come up) So where do I go from here ?

I found Quit Claim fill in paperwork online for South Carolina... I am confused on how to fill out. I am trying to avoid going to a lawyer, but I may have to at this point...just to get started on the right path. 

any help is appreciated an TIA !

PM Company. ? This rental is pretty easy. He wants to buy, has to many businesses going on to be approved for a house. So we spoke about him doing a rent to own... he will pay rent until its paid off. if he moves, of vourse I will go through a management company. 

So the Parent is the Entity ? I would directly pay by check from Rental to me. Not to the Entity , then me ? 

Is it easy to setup the Entity later as owner of the Rental LLC without changing things, contracts , etc ?

I was thinking of creating the Entity LLC to build the business credit and begin building business history.

What do you think ? 

Just making sure I won't have to run the Rental Payments/Profits through the Entity LLC as well as the Rental LLC.

I need to start an LLC for my 1 Rental to Own Property. I plan to buy more when I understand Real Estate. The new ones will be closer to my home, so they will be buy and hold properties. This rental was my personal home. I have contracts, but really need different ones. (can I find some on Bigger Pockets, for South Carolina. Rent to Own ) .

Main question is starting the LLC , I'll be doing for the Rental, and I will have more. Should I setup a Parent Company LLC now..or when I het a 2nd property ?

Do you pay taxes on all LLC's created ?

How does the money change hands ? If there is 1 LLC I understand money comes in then profit is paid out to me. What happens when a Patent Company is created.???

How , legally, does the money flow ?? does it go 

Tennant> Rental Account > Profit> Parent Co. > Owner

                       \ 

                    Mortgage Payment

Or Does Profit not have to pass through Parent Co. and paid to owner ? 

I would think if it passes through Parent then I'm paying taxes on the same money twice !!!??? Right ??? Or is that where a 1099 comes in ??.