All Forum Posts by: Vaibhav Pradhan

Hello

New to this forum and looking to invest in single family properties in Columbus OH area. Motivated by the investment and rental potential due to the recent announcement on the Intel fab units out there.

hopefully I am not already late. Looking for a referrals on RE agents who can help with the purchase

thanks

thank you everyone. I was trying to avoid changing the paperwork for property mgmt as my mortgage and other expenses have been paid by the LLC so far.

I will probably roll everything back to my personal name go forward. Although not sure how I can deal with the LLC and its accounting. May be reach out to a CPA as suggested. Thanks again

Here is the situation

- I purchased an investment property in my name in November 2021

- I also have an LLC setup with bank account etc starting NOvember 2021

- I was in process of transferring the title to LLC and the lender said that I need to wait for 1 year per Freddie Mac guidelines

- Since LLC title transfer was planned, I setup agreement with the LLC and property management firm to rent the property

-The LLC is also setup to pay my mortgage

Since now I cannot transfer title to LLC, I feel that my current setup is flawed as LLC willl get rent for the asset it does not own as well as it will pay for the mortgage it does not own

Is there a way where I can still continue use the LLC for next one year using the current setup. Understand I wont get benefit of the LLC protection for my property and I am okay with the extra paperwork involved. Just dont want to have problems with taxation and accounting.

What would be the best course of action for me in the current situation

Here is the situation

- I purchased an investment property in my name in November 2021

- I also have an LLC setup with bank account etc starting NOvember 2021

- I was in process of transferring the title to LLC and the lender said that I need to wait for 1 year per Freddie Mac guidelines

- Since LLC title transfer was planned, I setup agreement with the LLC and property management firm to rent the property

-The LLC is also setup to pay my mortgage

Since now I cannot transfer title to LLC, I feel that my current setup is flawed as LLC willl get rent for the asset it does not own as well as it will pay for the mortgage it does not own

Is there a way where I can still continue use the LLC for next one year using the current setup. Understand I wont get benefit of the LLC protection for my property and I am okay with the extra paperwork involved. Just dont want to have problems with taxation and accounting.

What would be the best course of action for me in the current situation