All Forum Posts by: Angela W.

Agreed. Having a LLC increases asset protection versus having the property under your individual now.

Have you considered a trust and have the trust owned by a LLC? Residential mortgage companies usually won't loan out to LLC/entities but they may or will for trusts.

Angela Walter, Texas Attorney 

This could potentially be a good profit maker. Make sure the garage is set up to be habitable. Depending on your jurisdiction, there may be regulations for setting up a garage as a rental space. You may also need to check any subdivision requirements too. For practicality, make sure it's a livable set up. No roof/ceiling issues, garage is properly ventilated, remove all hazardous materials, fix any potential hazardous situations, etc. Good luck! 

Here are a few options:

1. Transfer the property to your LLC

2. Create your own a property management company and use that property management company to communicate with the tenant.

3. Just tell the tenant that you're the property manager. You don't neccessarily need to disclose that you're the owner too. 

4. Create a DBA instead of a LLC or company. DBA generally don't have the same legal liability protection as a formal entity. Check your state though. I'm licensed in Texas. Here, DBAs don't have the same protection as a formal entity.

Angela Walter, Texas Attorney - Feel free to message me if you have any legal questions!

Does anyone have a recommendation on a CPA? I'm looking for one that has extensive experience in real estate and tax planning. 

Congrats! What type of property? Residential or Commerical? I know a commercial guy that's located in the Sugarland area.

If you're talking law - permit requirements and issues, get a survey if you haven't already. Call the city ensure you're in compliance (assuming you haven't already). Are you building it yourself or hiring a contractor? If it's a qualified builder, he should know the steps I mentioned.

I have a multifamily unit. Purchase pre-pandemic. Increase in value by 40% (if I were to cash it out). Another property was purchased pre-foreclosure. Same thing, purchased a few years ago and increased in equity during Covid. Both in Texas.