All Forum Posts by: Kent Estep

Thank you for all of the advice. I think I will just set up a separate bank account for the new entity. I just didn't want to deal with getting a new EIN and going into the bank. But better to deal with those inconveniences now and not half *** things.

Quick intro, current SFR investor who just jumped into apartments---a 16 unit and a 12 unit. I have a great management team so I'm not as nervous as you would think. Anyway, a quick banking question. I have my business banking with my existing LLC that holds my homes. The apartment buildings will be in a separate entity. Am I able to use the existing LLC's bank accounts for transactions OR do I need to open new accounts for the new entity ? I worry that if I funnel money into the existing LLC that should a legal matter arise they can point to the commingling of monies and tie them together. My financing question; it's been two weeks since we started the process. My contact has been great in asking for paperwork, but the process seems nothing like SFR mortgages. I see that with commercial property the bank runs numbers on the deal first and then they dig through your personal finances ? I'm used to them bombarding me with requests for papers, but so far it's been quiet...too quiet...I ran the numbers before I made the deals and I know they are good, I just expected a lot more back and forth. Thanks for your replies!

Thank you. I did have income in the state---rental proceeds---but due to a fire, it tuned into a loss for the year.

I am a California resident with a rental property in Kentucky.

My K-1 total from the property is negative, so I transfer that to my Kentucky non-resident state return. Which results in no tax due. This is my first time filing with a property, so I'd just thought I'd asked if that sounded correct. Thanks for your opinions.