All Forum Posts by: Shehan Omantha

 Thanks Jim. This explains clearly how they should be treated 

We have acquired one rental and transferred it to an LLC. We plan to scale up and add another property to our portfolio. What is the best way to hold this property in MI? We are thinking of creating a separate LLC to hold the new rental for liability purposes but have a concern about maintaining accounts for two LLCs and also filing taxes twice. we have read about series LLCs but are not sure whether it could be done in MI.
Thank you

Right. They have asked for 1% upfront fees and they provided a personal account number in for a bank in a different state. 

@Bill Brandt That totally makes sense. Thank you for explaining it...

@Bill Brandt would not there be a chance for the prices to come down when there will be more house in the market?

Rent and foreclosure moratorium will end on June 30th. There would be a lot of eviction on tenants and foreclosures on properties.

We try to buy a property and wonder whether we should go under contract now or wait till this moratorium ends and to market to settle to get a better price.

We are new to the real estate and any advice from member is greatly appreciated.

How do you transfer the deed of a rental property to a LLC if bought under the personal name to obtain the loan?

If the property is already tenant occupied how do we change the lease? Am I personally liable until the property is transferred to the LLC?

I formed a fresh LLC to enter into rental business. As per my lender's advice purchased my first property under my name with the hope of transferring the deed to LLC . That property already had a tenant. Lease terms ends in another 8 moths and I have to honor thr lease.

Deed is recorded under my name and I have to wait till that process to over transfer it under LLC. According to my understanding this would take 8-12 weeks in this city.

How should I handle the lease contract during this transition period? Should I sign the lease agreement with tenant by myself and edit it when the deed is transferred to LLC?

OR should I sign and agreement wit the LLC to transfer risk and rewards of the property to LLC and sign the contract with the tenant through LLC? (Then transfer the deed to LLC when available)

Thank you in advance for your help...

@Kevin Romines That clearly explains the strategy I should follow. Thank you very much for taking time to write the answers accurately and in detail. As a beginners, this kind of information is very valuable for us.