Putting Money Into Your Pocket

7 Replies

So,

Let's say I have $4,000 per month profit in rental income, how do I legally take a cut of that...

I'm formulating a plan to get enough rental income to pay my own personal mortgage, how do I do that?

The money would be in my LLC, do I need to take a salary?

Looking forward to answers!

@Evan Smeenge

what do you mean "how do I legally take a cut of that"

First you need to determine if you are providing taxable rental income or cash-flow. Cash flow does not equal taxable rental income.

You can use the proceeds from rental real estate to do whatever you want, including paying down your personal mortgage. The question is should you. Maybe the personal mortgage has a low interest rate and providing you a tax benefit. Maybe you have other items that should be paid down first.