All Forum Posts by: Danielle M.

Hello, 

I am curious how you do your accounting. Do you have a separate Quickbooks online subscription for each property (that sounds expensive)? How do you handle buying software for multiple properties in an affordable way?

Thanks, 

Curious Investor

Yes, but I am also In CA. With a 800 dollar yearly filing fee for llcs. so putting my single familes or low cash flowing duplex in their own llcs does not make sense. I believe even if I do my llc out of state, Ca requires the $800 fee.

I do understand all properties in 1 llc are exposed to the others. 

Hello,

5 years experience with single families and a duplex BRRR strategy but never used a LLC. Looking at buying a 8 unit. Live in CA but have rentals in TN.

Here are my questions:

1. Should I put the 8 unit in a LLC? Are there any drawbacks? For this particular property, it seems like I should due to the size. Do I need a lawyer for this or can I do online?

2. I have a duplex I am BRRRRing. It is in cash in my name. Should I put it into a the same LLC as the 8 unit and then can I do a cash out refi by personally guaranteeing the loan even if it is in the LLC?

My spouse and partner in many of the properties is concerned that the cash out refi could be a taxable distribution from the LLC? Is that possible if anyone knows about tax.

Thanks, 

Danielle

Do I need a business license for long-term rental properties in Tennessee?

In Tennessee, how exactly does this law work? Does the account for security deposits need to be for security deposits only? Can I put multiple security deposits from different tenants in the same account? It cannot be a general business account to take care of the property? It has to be for security deposits only? I have to give tenants notice right away about where I am keeping their deposits? 

Tennessee.

What is a reasonable amount for closing costs on an $80000  investment property including prepaid taxes, insurance, etc,? No commissions, but I pay full title expenses. 

If I buy an investment property with a coventional mortgage and never live in it, can I buy another home for me to live in with the fha loan afterwards? I am not sure if my first loan needs or should be fha.

Thanks Oliver.