All Forum Posts by: Nancy D.

Thank you Laura!

 Thank you Kim!

 Thank you so much for your help Jessica!

Hi,

I'm considering deeding my investment properties into individual land trusts, and then assigning my beneficial interest in the land trusts to individual LLCs to provide asset protection. My real estate attorney has advised me this is a way to transfer property to an LLC to ensure privacy.

My question is in regards to my landlord/tenant agreements that are currently in place. Do I have to amend the lease agreements to reflect the change in legal ownership of the rental properties once done? I'm not selling my properties, I'm merely transferring their ownership to an LLC (which is owned by me) so while I understand the legal aspect of deeding properties into land trusts, then assigning beneficial interest into LLC, I'm not sure what happens with my current rental agreements.

If I do change the legal ownership, do my current tenants have to be informed? Once leases are renewed, I understand we'll likely make a lease under the LLC.

BTW I've decided to hold onto my condo and rent it out. I'm officially a landlord and investor (and the return isn't bad at all :-)!

Thanks Darren. So do I!

Thank you all! This definitely helps, even for anyone else who sees this thread.

I'll keep everyone posted.

Hi Tim,

Thank you for bringing that to my attention! Good thing that the person I do have in mind is a real estate agent so he should have a PM agreement handy (I hope!). I just wanted to take a look at one first since I wouldn't be hiring him through his RE agency, but rather directly.

Do you think that'll be an issue?

Hi,

I'm looking to rent out my condominium in Hoboken, New Jersey. I'm living abroad in Australia and don't intend to return to the US. I've been trying to sell my apartment for months now but it's been sitting on the market empty and the monthly payments are eating me alive. I have someone in mind that I'd like to hire as my property manager (he also owns a condo in my building) but I'm looking for a property management agreement that we can use as an agreement between us, though I'm having a hard time finding one online. Does anyone have a sample property management agreement template that they'd be willing to share?