All Forum Posts by: Kumar Gaurav

@Lance Lvovsky

Sorry I should have clarified this properly.

By personal loan I meant 30 year conventional mortgage.What happens to my mortgage when the property is transferred to an LLC?

Is the LLC liable for repaying the loan, but if I end up being the guarantor of repaying loan(instead of LLC),is there any particular advantage of transfer the property to LLC?

My tenant's lease is expiring soon. Should I keep the rent term as month to month or should I have them sign up for a long term lease?What would be more favorable for me as a landlord with governments creating more tenant friendly conditions (BP link on this discussion below)

https://www.biggerpockets.com/topics/832738

Appreciate your inputs.

@James Lanier

Multi-family house hacking in my case,I got started not too long ago.There is another discussion I am following that is tending in BP

Tenants are allowed to not pay rent for up to six months by government in Seattle,no questions asked. That makes me somewhat worried as a landlord

Hello,

Is it possible to transfer an owner occupied multi family home ownership to an LLC and eventually personal loan to an LLC loan?

Is there any value going through this exercise

if the landlord ends up being the guarantor of the loan regardless?

@James Lanier

What about first time landlords who took the bold step of house hacking without getting stuck in an analysis paralysis situation in highly appreciating areas behind their back yard.Who would have imagined a sudden pandemic will create more tenant friendly conditions before investing?

@Vladimir Massillon

Thanks everyone for the feedback.While I understand landlord needs to tread carefully increasing rents but I would like to know if any of the state governments are limiting landlords from increasing rents? where can I find that information?

@Nikki Closser

This sounds draconian to me so I signed it.

Such practices can and will proliferate to other states. Would it make sense to upfront include in a tenant's lease document the landlord has the right to evacuate a tenant immediately if a tenant shows inclination towards free rent at the cost of landlord defaulting his mortgage?

My tenant is moving out and he will be parking a moving truck for up to a week to put his truck. Tenant gave me a really delayed notice about his move out so this wasn't well planned out.Normally are permits required from City when parking a move out truck for an extended time? If permits are required who is responsible to acquire those permits?

Landlord or tenant or moving truck company (ubox in this case).Whom will the city send a ticket for parking violations?

Appreciate your inputs

My operational costs have been increasing substantially for over last one year and was considering increasing rents this summer.Would it be too risky to raise rents during this pandemic situation?

@Ryan Daigle

Thank you, it makes lot of sense each business in its own sandbox.