All Forum Posts by: John Smith

So basically I believe you are saying that the LIEN ( MORTGAGE) still attaches but the seller is no longer obligated on the debt if he files chapter 7.   So as long as the subject to buyer pays the LIEN ( MORTGAGE) then unless the due on sale clause is invoked there is no worries for the buyer?  

I think you misunderstood me. I don't want the mortgage in the name of the LLC. I wanted to use the income generated by the LLC as personal income to qualify for a personal mortgage. I gave this some more thought and I THINK that since I'm not electing to have the LLC treated as a corporation, the rental income will flow thru to my personal income tax return and I file the appropriate schedules. Its a single member LLC.

I have a LLC that i use to rent properties. In a couple of years i want to use income derived from that to help qualify for a mortgage. How should this be structured so that i can properly use that income? This is a new LLC and i JUST started leasing these homes. Thanx.

All of those are good suggestions. My issue is I don't want to have to keep up with redundant information i dont need. I already have software that does my accounting, leases etc. I just dont like the merchant account provider that comes with the software.  All the suggestions above come with tools where i have to upload lease information, etc and keep up with it in THAT software as well as my own.  I just need something as simple as paypal but with better control from my end on the amount that tenants pay.

 Those providers don't allow me to control what the tenant pays and they can also dispute the charge later.  Cozy offers more than I need. I need a service LIKE Zelle, Venmo, Paypal, etc. but allows me to control what the tenant pays. It has to be designed FOR rental collection.  There is a company called RentMerchant that appears to offer what I want but I can never get in contact with them.  I don't like that.

I've searched biggerpockets and i HAVE found some suggested online payment options but they all come with a suite of services i dont need. Im looking for something that ONLY allows my tenants to make online payments for rent, nothing else.  I already have a property management softtware i use to manually collect rents.  I just dont like the merchant that comes with my software.  I need something as simple as using paypal.  The reasons i dont wanna do paypal is the fact that the tenant can pay whatever they want and they could also dispute a paypal charge.