Mark Douglas Hukill Jr.
Opening another bank account to receive rental income
I am going to be closing on a 3-plex with a VA loan in the next two weeks or so. I think opening a new bank account to receive the rental income is what I am going to do. I would like to make it a business account, ho...
Jason Schmaltz
LLC Creation on Cash Out Refi - Getting the Money
I am in the process of lumping 12 properties together into a portfolio commercial loan. The lender requires I put all my properties into an LLC (currently all in my name) - no problem for me to do this and quitclaim ...
Ryan Halford
How to use LLC money from personal account for conventional loan?
Hello all, The following situation is concerning proper accounting and tax code.My understanding is that I can lend via promissory note to my LLC at a reasonable rate (I plan on applying the 10% rate that is charged b...
Ryan Bird
How to pay personal mortgage from LLC account with co-mingling
I have a personal mortgage for my rental but it’s owned by LLC so rents goes to business account. How do I pay personal mortgage using those rents? I read the below approach online and wanted to see if this is correct...
Rob Austin
Paying back a loan from my personal account, even with LLC
Have borrowed money from a friend to start a company. Don't have the funds yet to start paying him back, My question,, How can I pay him with my own money, and then reimburse myself back when able through the LLC.
Mary Jay
Proper way to do distributions
Hey guys, what are the proper way to do distributions?Lets say I have 5 rentals, the money comes to my property management company, then property management company does a distribution to me... 1) Should I do it via c...
Mary Jay
Property management's name on the Lease?
Hi guys,do I put property management company on the lease (I am an owner of this property management company)? Or do I put my LLC that I quit claimed the house to on the lease as a signing party?Who signs the lease w...
Account Closed
Converting primary residence to an investment property
Hi guys, Newbie here looking for guidance to do this right since there is so much info out there... I bought a condo as a primary residence, lived in it for the 12 months required by the mortgage company, and now have...
Evan Williams
Rental property, self-employed, tax
Can a pre-taxed self-employed income (pass-through entity) be used to purchase a rental property?
Corey W.
Lender requiring Comfort Letter
I'm in the process of purchasing my first duplex. This is one I'll be "house hacking" so I applied for an FHA loan and made an offer on a property. However my lender is now requiring a comfort letter from a CPA. My re...