All Forum Posts by: Tom B

I have 2 small commercial office buildings in one LLC with multiple partners including myself. I would like to transfer these to another LLC where I am the sole member. Its not a sale, no money is being exchanged.

Can this be done without paying the Florida tax of .70 per $100?

Thank you.

What did you find out about this? I need to move a property from one of my LLC's to another one.

Florida landlords, do you read the Florida Statutes the same way as me with regard to tenant personal property-

I found under the residential section of the statute you can include the following verbiage in your lease "

• Per Florida Statute 83.67 (5), Tenant agrees that “BY SIGNING THIS RENTAL AGREEMENT, THE TENANT AGREES THAT UPON SURRENDER, ABANDONMENT, OR RECOVERY OF POSSESSION OF THE DWELLING UNIT DUE TO THE DEATH OF THE LAST REMAINING TENANT, AS PROVIDED BY CHAPTER 83, FLORIDA STATUTES, THE LANDLORD SHALL NOT BE LIABLE OR RESPONSIBLE FOR STORAGE OR DISPOSITION OF THE TENANT’S PERSONAL PROPERTY.”

But I can find no such verbiage for Commercial properties.

Is this tool only available for Residential properties?

Thanks for all the responses and thoughtful advice.  

I think I'm going pay this one unit off and focus on getting the other paid off with the extra money that would have gone to the bank.  I've always been a play it safe conservative investor.

It is tempting though, but I am not doing this full time.  Maybe later this year or next year I'll make my third purchase.

I've been told before that an LLC is used for holding, and S-Corp is used for operating.

Hi Group, I'm trying to decide what to do with some saved money.  My choice is to either pay off the loan on one of my office rental properties or use the money to buy something else.  Here is the particulars.

Location is Tampa, FL.

I own two small office condos.  Both are rented and creating a small positive cash flow of about 15% monthly.

One of the units I owe about $50,000 on.  It has an interest rate of 3.55%

The other unit I owe about 70K on.  It has an interest rate of about 4.5%

I have $50,000 cash.  I'm ready to pull the trigger on paying off the first unit.  I would use the excess monthly income to pay down the remaining unit faster.  The goal being payoff this second unit before I am forced to refinance the loan which is in about 2.5 years.

Each unit is probably worth about $125k each.

As I said, I'm ready to pull the trigger on this but I'm wondering if that is the right move, I've been thinking maybe I should take this money and instead make another purchase.

Thanks in advance for any insight or opinions.

Tom

Thanks Mike, I just can't find anything to support a requirement to pro-rate a business agreement / lease when its not laid out in the lease.  Are you quoting some kind of Florida law?  I've been trying to find but cannot.

I think maybe you are thinking of residential leases in Florida which have those kinds of rules around them.  Commercial leases are just business agreements, nothing more.  Any business agreement is just whatever the parties agree to.

 Yes correct, the agreement in fact would terminate on 11/13.  However there is no provision in the agreement to refund any dollars.  According to the agreement, rent is due in full on the first of the month.  There are no other provisions for a refund.

 There is no provision in the lease for pro-rating.  The lease is month to month not day to day.