All Forum Posts by: Larry Shaw
Larry Shaw has started 2 posts and replied 14 times.
Post: Transferring Property to LLC
- Posts 14
- Votes 2
@Tim Herman OK, thanks for the clarification, the lender specializes in lending for short term rentals, but I will double check with them.
Post: Transferring Property to LLC
- Posts 14
- Votes 2
@Tim Herman, thanks for pointing that out, it was my error, it is the 10% vacation home, or likely the same terminology as the second home loan. Occupying it for a minimum of 14 days per year is no issue, but I didn't realize that you couldn't rent for more than 180 days. is that consecutive, or cumulative, as in your can't STR on a vacation home loan more than a total of 180 days per year?
Post: Transferring Property to LLC
- Posts 14
- Votes 2
I'm not too worried about being sued in my other side gigs, just some crypto mining with a workforce of computers crunching numbers. Based on the two answers it is not clear to me if the LLC would protect me from liability in the transfer, but it sounds like simply transferring the title from my name to LLC name and doing all books under the LLC from that point may be the way to go.
Post: Transferring Property to LLC
- Posts 14
- Votes 2
First BP post here, this is a great resource! I currently have an LLC established for non-real estate related side gigs. The operating agreement is such that it can perform anything under the sun that is 'legal' and was reviewed by a lawyer. I'm interested in purchasing my first STR with the 10% investment property loan in my name. My questions are:
1. After the purchase, can I simply keep the mortgage in my name, and place the property title in the LLC?
2. If that is possible, then do I place all of the finances on my LLC's books, or is it better to keep mortgage, title, and books separate from existing LLC?
3. My LLC is in VA and the property of interest is in GA, my lawyer said that this is not an issue, but I want to confirm here that an out of state LLC is not a major issue in Blue Ridge / Smokey Mountain regions.
I understand the concept that you would want to separate assets for legal protection, but I'm not so concerned with the existing assets in the LLC today, and can accept the risk of joining with a single STR property. In short, does a transfer of title to my LLC mean I keep the books on my LLC, or should I not transfer title, and keep all bookkeeping outside of the LLC? Thanks in advance, Larry