All Forum Posts by: Ryan Hansen

Ok, thanks for the advice @Esmir O.

Thank you, @Esmir O.!! I was looking at CNY Realtor, but The Professional Career Center has a schedule that works best for me. Do you think the CNY Realtor one is significantly better? I don't want to shoot myself in the foot here. Also, it appears that the The Professional Career Center is an affiliate of GSAR; what benefits does that bring? 

@Aaron Beauchamp Thank you!

Hi Everyone,

I’m looking for advice on Real Estate Agent Licensing courses in the Syracuse Area. I would prefer recommendations for in-person courses, not online.

Thank you!

Ryan

Great advice @Addam Driver Thank you!

Hi @Addam Driver 

Wow, thanks so much for your very detailed reply! So, our situation is that we established that LLC in December of 2016, but there hasn't been any income and we haven't filed taxes. We purchased our rental property in February 2018, and we put it in our name because it would've been more complicated for the LLC to purchase it and it required a bigger down payment. So, should I contact mortgage company and ask if we can do a limited warranty deed? It would be fine for us to own the mortgage and for the LLC to own the property; just now sure how to accomplish that.

We have a bank account set up in our business name and we pay the rental property's mortgage from that. Is there more that we should be doing to establish the LLC?

Thanks for your help!

Ryan

@Mark Bookhagen Thank you for your reply, Mark!

Hi Everyone,

We have been planning to move the ownership of our rental property into our LLC for tax reasons and to protect our personal assets. However, our lawyer has informed us that it could be problematic because transferring a mortgaged property to an LLC can trigger a "due on sale" clause in the mortgage documents, which basically states that if the property is transferred the lender can deem that a default, which is an event that allows the lender to call the mortgage (i.e., require it be paid off in 30 days).

Has anyone else come across this issue in NY State? I thought having a rental property owned by an LLC was fairly common for investors. Any advice would be helpful.

Thanks!

Ryan

Esmir, 

Thank you for your quick reply. I will look Greg up. I hope you're doing well!

Best, 

Ryan

Hello Everyone, 

My husband and I just purchased our first rental property. It is a duplex in Johnson City, NY (near Binghamton). We live just outside of Syracuse and we're looking for an Accountant to work with. Someone that can do our personal and business taxes, and works with Real Estate Investors. We'd prefer to find someone in the Syracuse area. Any suggestions?

Thanks in advance!

Ryan