All Forum Posts by: Ton Ratana

@Frank Chin, @Mike S.

Thanks for very insightful info.  My motivation on this is two folds.

1. I am in Washington state, and I have a long term plan of using this LLC to manage more properties and eventually would like to have it own the properties completely. It is not possible now because I can't get a mortgage under the LLC. No lender would do since it is so new. So I just thought that having income flowing through will be a starting point.

2. To maximize expenses on property management activities and clearer in terms of keeping the book clean for filing purposes.  Also to deduct future expenses in acquiring more properties. 

This is what my accountant friend recommended, but she doesn't know how to set it up right between the LLC and me (who owns the property).

@Frank Chin , thanks for your comment.

If I set up member manages LLC (not a C corp), will it work the same way? And did you create contract between the landlord (yourself) and the company?

Thanks again.

Ton. 

Hi all,

Thanks for all comments. I guess my next question is that if the lender be ok with non-OO insurance?

Hi @Lien Vuong, thanks for your comments. Do you know if lender will accept Non-OO policy?

I just got my first duplex and I want rent out.  I got a mortgage, so the lender requires Home Owner Insurance so I went out and get one, but the insurance agent said they can't offer it if I don't live in the property.  Is this true?  If so, how do I get insurance that satisfy lender?

Thanks in advanced for all the answers.

Ton Ratana.

I just got my first rental property, the mortgage is under personal (myself). I then started an LLC to do property management on it.

I plan to use this LLC as a landlord to do contracts with tenants and collect rents, expenses, etc.

Can I do that if the LLC doesn't own the property? Also, if I collect rents under LLC, how do I move the funds out to pay my mortgage?

Appreciate all answers or suggestions.

Thanks,

Ton R.

@Steve Vaughan thanks for the info.

A newbie got a question here, so thanks in advance for all answers.

I am curious if rent paid by tenant is subject to sales tax.  In other words, when a landlord collects rent, does he/she has to cut part of it for sales tax?  I live in Washington Seattle area if that matters.

Thanks,

Ton.