All Forum Posts by: Account Closed

$70k/year

My set up has gotten a little out of control. Here is what I have:

• 3 rental properties all with my personal name on title
• 3 mortgages in my personal name (banks wouldn't lend to my LLC)
• 3 Bank accounts (in my LLC's name)
• 1 LLC

Here are my questions:

1. Should the leases be in my personal name, or my LLC's name?
2. Should I quit claim the properties to my LLC? Know that I can't put the mortgage into my LLC's name. I tried.
3. One of the leases are in my personal name, and the rent is getting deposited into my LLC's bank account. Is that commingling personal with business (LLC's) funds?
4. Should I put the rental income on my Schedule C or my Schedule E? What if I want to show my LLC is getting income?

I suppose some/all of this depends on what I am trying to accomplish so here it is:

• Buy more rentals

At the moment my LLC can't get any loans because lenders ask me how much income my single-member-LLC makes per year/month and I honestly don't know how to answer that. Is any of this income for my LLC? Could/should it be?

I can't get any more personal mortgages to purchase more properties either. Prices have gotten too high (LA County), and my income (salary+rental) is already leveraged as much as the banks are willing to allow.