All Forum Posts by: Lorenzo Decaria

I have a mixed bag of renters: some use no assistance, some are section 8 and some are non section 8 but have used some housing program assistance (such as deposit + 1st month of rent). I regret to say that if renters use assistance, it’s because they really need it. Most of my tenants that use assistance are the ones who are always behind or in a struggle. I only have one tenant who never missed a payment and was never late; coincidently, he is the only one who uses no assistance.

Hey @Miller McSwain, I’m really looking for a solution as the one you described. Can you tell me how those locks work? I’m really interested in this. Thanks!

 Hey Alex, I’m interested in connecting about the possibility for lower loans. Thanks!

I’m not trying to escape debt liability. I want to be protected from tenant lawsuits 

Yeah, I guess it's tricky. One more different case would be with you as a guarantor on the loan. I think your name on the loan only makes you financially responsible if the LLC defaults on the loan, but not if the LLC is sued by a tenant. Now, if a tenant sues and wins, you still lose the property and be responsible for the loan, but the LLC protects the rest of your assets. That's how I see it but I might be wrong

Thanks for the reply! I probably explain led this poorly. I’m not looking for a way out of my loan liability, of course not. I mean liability on the property (usual “slip and fall”). 

If the property is deeded on the LLC, but my name is on the loan, will I be liable if a tenant sued me? Or does the LLC still protects me?

Hi, I'm new to the forum and here's my first question.

I just acquired a rental property and paid cash. I'm looking to refinance it once I deed it in my LLC name. I'm contacting lenders to have a DSCR loan and they see no problem in doing it in the name of an LLC, but they want me to co-sign as a guarantor. The obvious question is, am I still going to be liable (aka piercing the corporate vail) in this case? Is there a difference in being a guarantor or being the borrower?

Thanks!