All Forum Posts by: Rollin Buffington
Rollin Buffington has started 3 posts and replied 3 times.
Post: LLC Listed on Mortgage, but not Title
- Posts 3
- Votes 1
Hey all,
Just had a quick question. We recently moved a property into our LLC from a business partners personal loan. We had no problems at all and the bank was happy to do so with no issue. Does the Title now need to be changed, or is it as important?
We have spoken with the title company and they said they could easily take care of that, but they haven't followed up and we aren't sure of the fees associated just yet.
Post: Transferring soon-to-be rental from personal to LLC?
- Posts 3
- Votes 1
Hi all.
Myself, significant other, and my close friend/business partner have been renovating his personal residence for the past few months with the intention of renting it soon. The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits. The place looks great and everything is good to go.
We are considering transferring it into our VA based LLC - of which we are all equal partners. Should we simply transfer the title (or deed?) and keep the loan in his personal name as some do? Is this a good idea? We want to ensure, from a business perspective, we are all properly sharing in revenue. We are not sure the implications of using an LLC business bank account to receive rental income if the house is still in his name personally. We would use the income to fund additional rental property purchases. Thoughts?
- we have a separate business bank account that we could receive payments from
- we have tracked all renovation costs and expenses, though they were done personally and not through the business
Post: Transfer Soon-to-be Rental into LLC or keep? (LLC has multiple partners)
- Posts 3
- Votes 1
Hi all.
Myself, significant other, and my close friend/business partner have been renovating his personal residence for the past few months with the intention of renting it soon. The title and loan is obviously in his name currently but we agreed to fund renovations (and yes, we created a written agreement for this) and then share in the rental income profits. The place looks great and everything is good to go.
We are considering transferring it into our VA based LLC - of which we are all equal partners. Should we simply transfer the title (or deed?) and keep the loan in his personal name as some do? Is this a good idea? We want to ensure, from a business perspective, we are all properly sharing in revenue. We are not sure the implications of using an LLC business bank account to receive rental income if the house is still in his name personally. We would use the income to fund additional rental property purchases. Thoughts?
- we have a separate business bank account that we could receive payments from
- we have tracked all renovation costs and expenses, though they were done personally and not through the business