All Forum Posts by: Simond Wong

Happy FriYaY BP Fam, Thank you for your time

Scenario:

My mom has a Philly rental property that and would like to transfer house/deed from my mom to me and my sister. We ultimately want to then put the house under an LLC to rent and for liability purposes.

Please, seeking guidance on the approach to handle this efficiently from a tax perspective and from a paperwork perspective to transfer to myself/sister and then to LLC. The other thing is I happened to create the LLC already using legal zoom.

Goal: is so that my sister and I have an asset under our name so we have a better chance to accessing capital in the market for REI.

Other Q's:

1. Can actual ownership of the property be accomplish through just transferring the house to the LLC, where my sister and I are 50/50 owners on the LLC? .... Or do we actually need to transfer the deed from mom to us?

2. What is the best approach to minimizing the amount of transfer taxes? Is it avoidable at all?

3. Other variables I should be considering in this approach?

4. We were thinking about gifting from mom to us or selling for $1, any thoughts on this approach as it relates to efficiently transferring to my sister and I and then ultimately the LLC?

THANK YOUUUU Would appreciate your feedback and advice.

Enjoy the holiday weekend.

Happy FriYaY BP Fam, Thank you for your time

Scenario: 

My mom has a Philly rental property that and would like to transfer house/deed from my mom to me and my sister. We ultimately want to then put the house under an LLC to rent and for liability purposes.

Please, seeking guidance on the approach to handle this efficiently from a tax perspective and from a paperwork perspective to transfer to myself/sister and then to LLC. The other thing is I happened to create the LLC already using legal zoom.

Goal: is so that my sister and I have an asset under our name so we have a better chance to accessing capital in the market for REI.

Other Q's:

1. Can actual ownership of the property be accomplish through just transferring the house to the LLC, where my sister and I are 50/50 owners on the LLC? .... Or do we actually need to transfer the deed from mom to us?

2. What is the best approach to minimizing the amount of transfer taxes? Is it avoidable at all? 

3. Other variables I should be considering in this approach?

4. We were thinking about gifting from mom to us or selling for $1, any thoughts on this approach as it relates to efficiently transferring to my sister and I and then ultimately the LLC?

THANK YOUUUU Would appreciate your feedback and advice.

Enjoy the holiday weekend.

BP Fam,

Please seeking some guidance on managing tax impacts to me, to transfer my parents homes to me as the owner. All the homes are paid off.  I am based in Pennsylvania. 

I assume They should be able to gift all of it to me or sell it to me for a dollar so that I can manage tax implications, correct? 

What are some other considerations I should be thinking of as I think through this process? 

How would you/should I approach this to best manage tax implications and high expenses?

The ultimate goal is to have it solely me transferred to me as the owner, and then I'd like to get them each under their own LLC for rental purposes as well.

Would appreciate your guidance, thank you in advance BP community!

BP Fam,

Please seeking some guidance on managing tax impacts to me, to transfer my parents homes to me as the owner. All the homes are paid off.  I am based in Pennsylvania. 

I assume They should be able to gift all of it to me or sell it to me for a dollar so that I can manage tax implications, correct? 

What are some other considerations I should be thinking of as I think through this process? 

How would you/should I approach this to best manage tax implications and high expenses?

The ultimate goal is to have it solely me transferred to me as the owner, and then I'd like to get them each under their own LLC for rental purposes as well.

Would appreciate your guidance, thank you in advance BP community!

@Marc Possoff, what specifically does your 70k include? Specifically, does it include a general contractor? Or did you manage the project yourself and hired all the sub contractors yourself as well?  thank you

@kenny 

@Kenny Dahill lol, thank you

Hi Bigger Pocket Friends and Real Estate agents!

As a landlord, what is the minimum amount/requirement that your tenant must obtain as part of their policy and coverage? Real Estate agents what have you seen in your experience?

There are different nuances of a renter's insurance policy and coverage. So what do you tell your tenant so they can work with their insurance agent and get a policy that satisfies your renters insurance requirement as landlord?

I am asking my prospective tenant to get renter's insurance, but I am not sure what to communicate to them so they can get the right policy and coverage.

Thank you all in advance!

Hi Bigger Pocket Friends! 

As a landlord, what is the minimum amount/requirement that your tenant must obtain as part of their policy and coverage? 

There are different nuances of a renter's insurance policy and coverage. So what do you tell your tenant so they can work with their insurance agent and get a policy that satisfies your renters insurance requirement as landlord? 

I am asking my prospective tenant to get renter's insurance, but I am not sure what to communicate to them so they can get the right policy and coverage. 

Thank you all in advance!

@Theresa Harris ty!

@Kyle J. Thank you so much.