All Forum Posts by: Marvin Rios

@James Gleeson Looks like city data is the place to start, thanks!

@Bjorn Ahlblad thanks!

I’ve been looking in a couple areas and I keep asking myself “but how do I know it’ll rent (and quickly)?”

What are some tips and strategies you use to research an area?

@Matthew Radniecki Nice the lender was up front about it. Since the title has changed names, the mortgage still remains in your name correct? Which also means it must be paid from your personal account and not your llc’s business account correct?

@Keith Andrews Thanks for info. Another question, since the llc will manage my personally owned properties, I should not need a real estate license correct? Only if managing other properties? I may have to confirm in FL.

@Keith Andrews You read my mind. I filed for an LLC in Florida and I was thinking I may have wasted my time. I started thinking "what if I collect rent through the llc" to keep things clean. I also prefer they pay my LLc and not me personally. I imagine you still pay the mortgage from your personal accounts to avoid commingling funds? All other income/ expenses related to your "property management/rental business" are recorded under the llc?

@Nathan H. So if the property is in your name, you are still able to record expenses to reduce your taxable income? That’s what I understand as being a benefit on having an llc but we can still do this w/o an llc?

@Leopoldo Vazquez Thanks for the recommendation, I’ll look into Cozy.

@Dillon Dale Makes sense, thanks for the recommendation!

Hello!

Newbie here trying to figure out my approach on my first purchase.

I’ve read here in some cases setting up an llc may be overkill on the first purchase. Some advise to simply get the mortgage under your name and get an umbrella insurance policy (it can later be transferred to the llc).

If that’s the approach, do I simply have rent written directly out to me? With an llc the rent would go there. This part of the set up (income collection) seems odd and would obviously have impacts to my taxes. Thoughts?