All Forum Posts by: Amber Hooks
Amber Hooks has started 1 posts and replied 33 times.
Post: Collecting rents from tenants
- Investor
- Grosse Ile, MI
- Posts 37
- Votes 4
Excellent points!
Post: Need to move duplexes to LLC but loans can be called due??
- Investor
- Grosse Ile, MI
- Posts 37
- Votes 4
Hello everyone. I am fairly new here, so thank you in advance for your patience with my questions. I have a duplex that I purchased using cash down and a conventional loan. I need to move the property into an LLC. However, the lender has indicated that the loan COULD be called due. The lender also indicated that she has not actually seen a case of the loan being called due...but I don't want to risk that it would happen to me. Does anyone have experience or advice about this? This property is a partnership investment, so I THINK it needs to sit in the LLC I have with my business partner. We file a partnership return, and get K-1s.
Second, I am closing on another property that I need to place into a newly (yet to be created) LLC. However, my lender said that I cannot put the loan in the LLC's name and same goes as above if I move the property into the LLC after closing.
What the heck do people do in these cases? I just don't get it.
Again, thanks in advance for your patience and help!
Post: Collecting rents from tenants
- Investor
- Grosse Ile, MI
- Posts 37
- Votes 4
Originally posted by @Patrick Queisner:
We have our tenants deposit directly into the bank accounts with deposit slips that we provide for them. Works very well for us. It saves me time depositing rent as well as we haven't had late rent since we started doing it this way.
Patrick, maybe I'm too cautious but I don't like that a tenant would have my account #. Were you hesitant to provide at first? Any issues? I understand it's a savings account, but I don't want to provide that info if not needed.