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Results (10,000+)
Dean Valadez Paying mortgage on a former personal residence turned rental under an LLC
26 June 2024 | 2 replies
Option 1:Pros:Simplicity: You avoid the potential complications of alerting the lender.Maintains Low-Interest Rate: Since your loan is at 3%, you continue benefiting from this favorable rate.Avoids Immediate Full Payment: You won’t be forced to come up with $45k immediately.Cons:Risk of Detection: If the lender identifies the payments coming from an LLC, they might call the loan due.Potential Consequences: If the lender enforces the due on sale clause, you might be forced to pay the remaining loan balance quickly.Option 2:Pros:Transparency: Being upfront might build trust with the lender.Possible Flexibility: Given your solid payment history, the lender might agree to the arrangement.Legal Compliance: You avoid any potential issues with violating the terms of your mortgage agreement.Cons:Risk of Loan Acceleration: The lender could still decide to call the loan due, forcing you to pay the remaining balance.Potential for Higher Payments: If forced to refinance, you might end up with a higher interest rate.Given the pros and cons of each option, but a cautious approach might be best:Consult a Real Estate Attorney: This can give you a clear understanding of your legal standing and potential risks.Evaluate the Importance of the 3% Rate: Weigh the benefits of keeping your low-interest rate against the risks of potentially having to pay off the loan early.Consider a Gradual Transition: This method allows you to continue benefiting from the low-interest rate while reducing the risk of triggering the due on sale clause.
Alexander Wehrmann Convert my home to a rental and sell equity
27 June 2024 | 6 replies
The deal is so small that no government agency will ever take notice or pursue an enforcement action.
Brenda Garcia Nuisance Tenant in Duplex
27 June 2024 | 9 replies
There's no secret, you have to enforce your lease. 
Ane Deys LLC purchase in multiple states
26 June 2024 | 3 replies
Here are some steps and considerations for ensuring your LLCs are compliant from a legal perspective:For Your SDIRA LLCs in Florida:LLC Registration: You have filed the foreign LLCs with the State of Florida, which is essential.FINCEN Registration: Registering with FINCEN (Financial Crimes Enforcement Network) was a necessary step for compliance with the Corporate Transparency Act.Ongoing Compliance:Annual Reports: Ensure you file annual reports for your LLCs with the Florida Department of State.State Taxes: Check if there are any state-specific taxes or fees you need to pay for the LLCs.For Your Non-Retirement LLC in Nevada Buying Property in Michigan:LLC Registration:Foreign LLC Filing: Once the purchase is finalized, file your LLC as a foreign entity in Michigan.FINCEN Registration:Corporate Transparency Act: As of 2021, the Corporate Transparency Act requires LLCs and other entities to register with FINCEN.
Arina Alexiuc LLC Structure - how to set/use
25 June 2024 | 8 replies
To enforce abstraction
Leslie Cunningham Hello BiggerPockets Nation!
25 June 2024 | 4 replies
If they are VERY professional, they will have their processes in writing as verification that policies are enforced equally and fairly by their entire staff.6.
Kevin Kim Can You Share Your Experiences with LGBT Couple Tenants?
27 June 2024 | 37 replies
Things to know but I hope never come up for you is domestic violence laws apply regardless of relationship, even just roommates cops should enforce them but they don't always do so.I expected some negativity from other units but haven't seen any. 
A.J. Chesney buying a property with existing tenants?
24 June 2024 | 20 replies
Just, again like Bob said read the lease, BUT ALSO you can start enforcing the rules more strictly... the old owner probably didn't do that.
David Rutledge airbnb friendly metro areas
26 June 2024 | 38 replies
It seems they are one of the more aggressive cities in terms of enforcing str regulations which is quite the opposite to most cities it seems. 
Giles D. Syndication deals gone sour and the GP is now radio silent! What can I do?
28 June 2024 | 100 replies
We need other ways to enforce and collect.