All Forum Posts by: Warren Peasley

@Joey Banasihan thanks. I wanted to solicit some background info before reaching out to my accountant and she advised similar to your comments. Really appreciate it. My home in Boise will be on the market in coming days and I'll have nice capital gains thankfully, and my home is not in an LLC. As I will move to Oregon I thought it might be a good idea to put into an LLC. The existing owner has it in a trust but it is not his primary residence. I don't have a lot of experience selling properties but I have thankfully got my hands on two rentals, with 4 and 6 units. One of those is not in an LLC so I need to change that going forward. I have a small mortgage left on it with around 3.75% rate and I think Chase (mortgage holder) will accept that I modify the deed such that it goes into an LLC. My new primary residence in Oregon will not be in an LLC however I intend to travel off and on, and rent it out but that won't occur for another year or so. I have loved living in Idaho! My oldest graduated from BSU (engineering) and has a stellar career, and my youngest went grade 7 - 12 here in Idaho so he got the full experience of what it's like to grow up in this great state. He is at Univ now and I just feel like cashing out of here. It's been great! Nice to meet you here and perhaps someday would like to meet. Managing tenants is no easy task, it takes such a wide skill set. My occupancy rate is probably as good as anyone, and one thing I do is never have a high debt load then turn that around and award my tenants with rental rates they can't match elsewhere. Very low turnover. Also impeccable upkeep. Those are some keys I think to my own ability to thrive. Thanks again.

Thanks a lot for your message.  I have a followup question - I will realize a lot of capital gain from this home in Idaho, so I think unless I purchase a new primary residence I will have to pay that capital gains tax.  I see other people have their primary residence as an LLC however.  So I wonder if I can sell my home in Idaho, purchase the new one under my personal name, then how many months or years must pass before I can setup an LLC as the owner of my primary residence, or if you think that will be a good idea?  Thanks a lot for your kind advice.

Hello I am going to sell my primary residence in Idaho and use the proceeds to buy a less expensive home in Oregon without a mortgage loan (all cash). I plan to live there with my wife. We have adult kids. Would it be a good idea to create an LLC, let's call it "2500 Oak Street LLC" (fictitious new address) then list the new LLC as the owner of the home? If an LLC is the best way to go, should I create the LLC in Idaho using an address I plan to maintain in Idaho? Or should I use the new Oregon address for the LLC even though I don't yet live there? Or should I get a private mailbox in Oregon and use that? What else should I be worried about? I have a great accountant but I haven't asked her yet about this, and thought I'd run it by this forum. Thanks for any advice.

BTW this forum was thriving even 15 years ago back when I purchased my first rental. Happy to find it again and hope to contribute, as I have some rental properties now and 15 years under my belt dealing with that.  Thank again.