All Forum Posts by: Jorge Aguirre

Hi everyone,

I am in the process of buying my first rental property. Hooray! I have been trying to get one since April but the market is red hot and I had lost close bidding wars up until now.

Our offer was accepted and on Friday, we had the inspection. The only major concern we had was an obvious gas smell concentrated in the basement. I didn't smell it in any of the three units.

We brought this to the attention of the seller's agent and he responded that the seller has no time to deal with this issue and that in the 10 years of owning the property, he never had an issue with gas smell. 😳 so... everyone who attended the showing is lieing?

The seller has agreed o n crediting us at closing. My agent has asked if 1,000 is enough. Im hesitant to respond because I don't fully know the extent of whats going on. I would much rather have a local utility company employee go in and see what is going on and how much it's going to cost before moving forward. Is this okay?

Hi,

My wife and I started an LLC last week along with everything that comes with it: business banking, Quickbooks, G-suite, etc.
The intention is to place our property under LLC to separate personal assets and rental income/expenses. 

I'm running into the issue that the mortgage is under my name and transferring it to the LLC could potentially trigger due on sale clause. We're currently packing everything up and getting ready to paint, steam clean the carpets, meeting with consultants. Expenses are starting to add up. 

One of my questions: Although the property is not under the LLC for now, would I be able to list these 'business expenses' under the LLC? Also, can the LLC claim the rental checks as income? Can the LLC claim appreciation and depreciation if the property is not under the LLC?

We are also looking to add a 3 unit multifamily to our portfolio. We are going to continue to add to our portfolio, but I'm getting the feeling of discouragement of starting this LLC for asset protection when I can't list these properties under an LLC unless they are owned outright. I read in other posts that a strong liability insurance will do the trick?

What are your thoughts?

Thanks for reading!