All Forum Posts by: Stephanie H.

I have two properties in an LLC with a partner. I am looking for options to get out of this situation. We have mortgages on both properties.

I would be ok with splitting the properties, is there a way to split an LLC, we each transfer the deed to one of the properties to a different LLC, without paying closing a second time?

How do you value a real estate LLC? Is it just the appraised value of the houses or does monthly rent get calculated into it? 

If we remove a name from the LLC, do we have to go through settlement again? The houses are in the LLCs name but we are both signed on the loans.

If we were to sell the LLC, would it be better to sell the properties together with the business or break them apart and sell them as individual properties?

How often do people purchase properties that already have a tenant and a lease? 

Would I be better off waiting until the lease is up to put the house on the market? 

Thanks for your help!

Thank you all so much for all your help. I was sure I couldn't be the only person who came across a similar situation. I reached out to my agent to talk about a flat fee. She has to take it to her broker and see what she's able to do. Hopefully it all works out!

I have a bit of an interesting situation and I was hoping someone could assist me. I've worked with the same real estate agent in the past and she has done a great job. I found an auction online, so I brought my agent and my partner and we ended up getting the property. While we were standing there, a man told us about a couple of homes he is looking to sell. He has a price he has to get and refuses to pay any closing costs or realtor fees. The price he is offering is a fair price. He is not using an agent. We are hoping to pick up these next 2 homes ASAP. I understand some people don't use agents, I want to use mine.

I have 2 questions. If a realtor charges 5% to split, and there is only one agent, who gets the other half? 

 Has anyone ever had a deal with their agent that was different than a typical 5% since we buy multiple properties? Maybe a flat fee if it's a property I find which requires the buyer to pay the agent fee? 

I feel bad bringing this up with my agent but I don't want to spend all this money on the 2 homes that fell in my lap, when I am already paying a normal percentage from the auction I found. I am hoping to find a fair solution I can bring to her. 

Thanks for your advice!

Thank you Linda, for the information and your quick response! 

I am not sure if I am posting this under the correct category but hopefully someone can help. I currently have a few properties and act as the property manager. I run them as a Sole Proprietor but I keep all my banking separate and run it more like a business. When I have a few more properties, I plan to transfer my properties to an LLC.

I have been using Rentec Direct for several years. I can do ach, it automatically does receipts to my tenants, I can do background checks, I keep the signed lease and any information for the tenant in the program, at tax time it’s really easy to submit everything to my accountant… It has been a really helpful tool.

Rentec has changed vendors and now requires a business bank account for ACH deposits but to get a business checking account, you need a EIN number. 

I know you can get an EIN number as a Sole Proprietor but does getting paid rent under an EIN, rather than reporting your income under your SSN, make any tax related changes or does anything else change that I might not be expecting?

A business checking account has fees associated with it, which sucks, but I really like having the ability to be paid by ACH. As a Sole Proprietor, does using a business checking account make taxes different or more difficult? 

Are there other softwares similar to Rentec that you have tried and liked? Does it allow for ACH into a personal account? I have done research on a bunch of them and Rentec seemed to have the most bang for the buck.