Hey BP! I heard on a podcast about how ppl run there income rent through an LLC even though the property is under a personal name. So my question is can I do this? Can I have my tenants pay there rent to my LLC and then I can pay myself?
You may ask why you want to do this? My reason is to show money running through an LLC so in two years if I want to buy a property with the LLC then the business will have "history". And that would make my LLC "bankable".
I am just planning for the future as I still have plenty of personal loans left t my name but want to keep this options open in the future.
SO, what am I missing BP? legal issues? insurance or money issues? All advice and comments are VERY HELPFUL, thanks guys!
I have been using separate bank account and credit card to keep things separate. I now have Home Depot credit card in company name to build credit and will have 1 rental in the company name. I have looked into commercial lending and a local bank will refi several properties into 1 loan to buy others in the company and not against my personal credit.
So if there are issues I hope someone tells me too.
@Bryan Cavellier I must have heard the same podcast because that caught my attention too. I'm wondering the same thing, because I am currently doing that with my LLC as well. The concept makes sense, but I have the same question if anyone has experience doing it long term. Thanks for posting.
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