All Forum Posts by: Jake Alexander

Will do! Thanks again :)

Would an LLC still be the way to go if the following is correct? It seems like I should've created this before I purchased and remodeled the houst. Might get complicated for taxes?

For an LLC to provide asset protection, the rental property should be owned by the LLC rather than held in your personal name. If the property remains in your name, the liability protection provided by the LLC may not be effective, as the property would not be considered a separate entity from your personal assets.

To transfer ownership of the property to your LLC, you'll typically need to do the following:

1. Consult a real estate attorney or tax professional: Before transferring the property, it's crucial to discuss your plans with an attorney or tax professional who can help you understand the potential tax and legal implications of the transfer.
2. Prepare a deed: To transfer the property, you'll need to prepare a deed (usually a quitclaim or warranty deed) that conveys the property from your personal name to the name of the LLC. Be sure to include the legal description of the property and the parcel number, if applicable.
3. Sign and notarize the deed: Sign the deed in the presence of a notary public, who will notarize it to confirm your identity and ensure the document's validity.
4. Record the deed: File the deed with the county recorder's office or the local government office responsible for maintaining property records in the county where the property is located.
5. Inform your mortgage lender: If there's a mortgage on the property, notify your lender of the transfer, as some loans may have a "due-on-sale" clause that requires the loan to be paid in full when the property changes ownership.
6. Update insurance policies: Contact your insurance provider to update the property insurance policy to reflect the LLC as the new owner.

Much appreciated advice! I really needed to hear this. @Amanda Janes Thank you for the Airbnb clarification, things are making much more sense now

Any advice on sharing the sifely door lock account and Blink security cameras? From what I understand my blink and amazon accounts are linked for function and while i understand the necessity for a PM to monitor security cams, and have the ability to send ekeys, i wouldn't want someone to be able to access my amazon account throught some odd way via having my Blink acc

Good point on the airbnb app, I honestly didn't know that. Until now the only thing I've used it for was booking my own stays

You all make very good points! I'm going to do my due diligence here to the letter on this and all future projects. It's super stressful and I feel like I'm flying blind through the fog a lot of the time being so new to this, so I really appreciate the advice folks!

I found a property manager who's really impressed me, since I've stayed at three of her properties already during a long travel nursing assignment in the city where I bought my first investment property. It was a slow remodel as I did most of it myself while working and communting out of state half of the week. I like the way she ran her properties and felt inspired by her ability to handle all of the situations I found myself in. I lost keys to my room and she came out to left me in (renting by the room). I caught something on fire in her kitchen (not my fault by the way someone had left plastic cookware in the oven and i assumed it was empty and turned on the preheat and went to my room to fold clothes). She was really cool about it too. 

Flash forward to today - I want her to manage my property and rent it by the room on airbnb to traveling professionals...She's asking for my Airbnb login, pics of the house I wanna rent, Blink account info, door lock details, bank info, and the last four digits of my social security number. We've chatted a bit, but there's no official agreement between us yet. She seems to wanna work on trust, but I'm not too sure about that. I think there should be something official. I wanna protect my stuff and keep my personal info safe. Is there another way to give her what she needs to handle my property without making me feel exposed?