All Forum Posts by: Taylor Cook

Have a family member whose health is rapidly declining. She runs all of the books for her multiple investment properties as well as her assisted living business that she owns. She essentially needs to bow out and have someone come in and take over. There is a LOT that needs to be fixed/adjusted as things have not been correct for a while. Essentially looking for someone to come in and take over the books and payroll (Quickbooks for both) as well as maintain this work from here forward. 

TIA! 

I am really having a hard time deciding if we should keep our rental in our name or quit claim. Is there anyone on here who did not quit claim and is ok with having property in personal name? This is a four apartment rental property. 

Hi there! I manage my books currently, but since we bought a new property and I have a full time job, it seems like a lot to keep up with the books. Do you recommend a CPA to handle all things on the books, or should your property manager be doing ALL of this?

@Tanner Bellamy She has a CA drivers license and she works in CA. She wants to have primary in Colorado so she can pay income taxes in CO. 

Have a buyer who wants to buy a home in CO, but lives in CA. She plans to rent out part of the time, but also stay there part of the the time. Can she claim this as her primary residence if she is renting in the state of CA?

Thanks! 

Hi there! Closing on a rental property on Thursday and the settlement statement shows that rents and security deposits are a debit to the seller and a credit to me. I am the agent for the seller as it is my parents, and we are purchasing. 

Does this mean that we will just pay less at closing and not get the physical security deposits? Kinda confused. I thought security deposits had to be retained on hand. 

@Ned Carey so I am understanding this correctly, would you recommend not transferring to LLC and just remain in my personal name?

@Ned Carey would you say I should just have title transfer to warranty deed for LLC? What are the ramification's of doing this

@Ned Carey I am buying in my personal name and trying to quit claim into LLC. The lender said we needed to buy in our personal names, and not in the name of an LLC.

@Chris Seveney This is a lower income area, and not to say people cannot be trusted, but sometimes renters are not the most trustworthy. Trying to cover my butt in case if a renter trips and falls outside the unit and sues me for all I am worth. We do amazing maintenance, I just have very low trust in people LOL

Hi everyone. 

Getting ready to close on our second investment property in Colorado. I was told by my closer today that she cannot Quit Claim the Deed into an LLC, but said it would have to be a warranty deed because they cannot prepare as the under writers came down on title companies as it is seen as practicing law.

What are the differences in transferring with a Quitclaim vs a warranty deed? 

Should I find an attorney that can Quit Claim??

Thanks in advance!