All Forum Posts by: Michael Mcguniess

I'm looking to purchase a house in NC and noticed that the house seems to be nailed to the foundation and not bolted. Is this common in the area? The house was built in 1992, if that helps. Thanks!

Yes, I realize this. The formation of the LLC was an afterthought once the house was purchased and before the first tenants moved in.

I tried to transfer the property to the LLC but the bank of course would not go for this for obvious reasons.

As for my question, after doing some thinking, I believe I have the correct answer.

In my instance, the property was purchased with a personal loan and it still remains a personal loan and titled in my own name.

I believe that question K refers to any debt that was taken out using the LLC name and backed myself personally.

Does this sound correct?

We closed on the house in December of 2011 then formed the LLC in January 2012. It was financed through myself and my wife and is titled in our name and the bank will obviously not change the name on the title.

Since we, as individuals are ultimately responsible for the loan im assuming this area would contain all zeros?

I plan on having someone look over it when completed. Just trying to complete to the best of my ability.

Thanks.

BTW, the only debts involved is the mortgage debt which was acquired in my name before the LLC was formed.

I know there is most likely a long answer to this but I have made it to the point of filling out my k-1 forms and am stuck.

I created an LLC (partnership) last year with 2 members - myself and my wife.

Section K of the k-1 is asking for "Partner’s share of liabilities at year end".

The LLC is for a triplex that I own, but was financed and titled in my name.

I's assuming since its an "LLC" this would be all zeros?

Tried to call the IRS but the operator said that she was not familiar with this form and wanted to type the question up and someone would respond within 15 days?

You should do it and let us know. If you suddenly disappear from the message board we know what happened!

I understand your frustration. When you have so much going on, its difficult to spend your time concerning yourself with a bunch of govt forms that are not making you any money.

Thank you Jason

I have to admit, my numbers may be off but I still feel good about the deal that I made. Perhaps I should have titled my post differently and not made such a bold claim.

Thanks for all of the great information. I am after all new to the game and may have jumped the gun making such claims. What can I say; I’m excited about my first deal.

The bank sat on this house for 2 years. From my understanding less than 3 people looked at this house and there were no offers.

I believe no one else made an offer on it because although the house is only 15 years old, zero maintenance was performed. Every faucet had to be replaced, door seals were shot, many rooms needed flooring, paint, etc. I worked on the house for 8 solid weeks just to get it up to par.

I am still in disbelief this house sat for so long without an offer. After owning it for a few months, I still have found no surprises.

Each unit has its own meters, therefore all utilities are tenant paid. I will perform all repairs so this cost is whatever I would like to pay myself per hour.