All Forum Posts by: Mete G.

thank you both! very helpful tips

Thank you @Ken Naim, appreciate the response. Is the latest mortgage balance just self-claimed and or you submit the latest mortgage statement as well as a back up to the calculation? thanks again

Hi Everyone, 

I've been receiving conflicting messages about this even from legal advisors and I wanted to check if anybody had an experience in this 

I recently purchased a property in Florida under my name and the mortgage is also under my name. I will be transferring the deed from my name to my existing sole-member FL LLC. but I will keep the mortgage under my name. (yes I'm aware of the due on sale clause but I'm not worried about it)

When I do the quit claim deed, I will pay for the recording fees to county. However, I'm not sure about below:

a) Do I pay any transfer tax to FL state? I assume yes because I have mortgage on the property.

b) Is this amount at 70cent for every $100 and assessed at FULL of my latest mortgage balance?

OR

c) Is this amount at 70 cent for every $100 and assessed at HALF of my latest mortgage balance?

I heard both options from different lawyers. 

also, how does FL state see my mortgage balance? do I submit them the latest mortgage statement as part of the filing? 

Appreciate your help if you went through this before. 

Thanks.

Hi Everybody, 

I have a holding LLC in NJ and also another LLC in PA. PA LLC is 100% owned by my holding LLC in NJ and I'm the sole member of NJ LLC.

There is no real estate in any of the LLC.

My question: How can I transfer the full ownership my holding LLC (and ultimately the PA LLC) to my wife's name so that she is 100% sole owner?

What are the steps to follow including bank account changes etc?

Would the steps be different if any of the LLCs had real estate holding already? (I'm about to purchase one)

Thanks

MG

Hello everybody, 

For tax purposes, we are planning to make our investments under a new LLC that my wife will be the sole owner. She doesnt have any W2 income so this will be her only source of income / primary income.

my question is, can I be the guarantor for the commercial mortgage loans she would apply for through her new LLC? Even though I dont have any interest in the LLC? (and I dont want to have for tax purposes). Would credit unions / banks accept me as a guarantor through my W2 income?

Thanks!

MG

I’m in the same stage with you and i’m experiencing the exact same situation in the Philadelphia area.

I’m not getting much response and when I receive a response, either they are quoting very high interest rates or they don’t progress at a pace that you would expect from a professional person. I’m very surprised and disappointed as well tbh.

I wonder if it would be a better approach to work with mortgage brokers instead of dealing with various lenders directly. I’d also be happy to hear some more advice on this subject.

Metè