All Forum Posts by: Brian Braddock

@Greg Moore No, that’s the only bad part. Square can do that, so you might be better off with that software. We already pay for Quickbooks for the great tax help aspect, so we’re thinking about switching to that full-time.

@Greg Moore I’ve tried them all and feel cash app is the easiest to use, but square makes it easier to invoice and track properties. I’ve also heard Quickbooks is the best for sending out invoices automatically, but I haven’t personally used it.

@Mashika Patrick I think certain individuals on this thread should discern when people are posting to inspire and when they’re posting to ask a question. Certain individuals on this thread should build people up, not tear them down. I happen to agree with you that wholesaling is the best way to make money starting out in real estate investing. But even if I didn’t agree with you, I wouldn’t discourage you by saying go be a realtor. My mama taught me if you ain’t gonna say something nice, keep your mouth shut. You go girl! I’m all in for you and wish you the best possible life for you and your family!

@Matt Nico Have you thought about investing in a commercial property? Those aren’t held by the same standards as far as personal income goes.

@Matt Nico Correction to my previous post: The title in your business’s name and the rent checks being made out to the business are enough evidence to show your business is responsible for that debt/income.

@Matt Nico This is kinda where it gets complicated. It's nice to have a relationship with a lender so they know your situation. The title being in your name and the payments being made in the name of the LLC are enough evidence to show the lender that you are not getting that income and paying those expenses, your business is. The mortgage will still be in your name, but it's still up to the lender how they want to consider those numbers financially. They have the ability to manually separate business debt from personal debt if they choose to.

There is the option of completely refinancing the note and putting it into the name of the LLC that way, but as it was mentioned in your initial post, and again throughout here, it's not the best option because there are many regulations you have to abide by. And the rates are usually higher.

@Matt Nico Not if you specifically use a quitclaim deed. Its only purpose is to transfer ownership of the property, not the note. A quitclaim deed doesn’t show any intentions to transfer the note. It assumes, legally, that the persons on the note will continue to be responsible for mortgage payments.

@Matt Nico It's actually way easier than that. All you have to do is 1) pay to have a quit claim deed (cost varies by state and county - check out the county's website for more info), 2) submit a notice of change of ownership to each tenant/unit in the property, and 3) inform the tenants to start making payments to the LLC instead of you.

@Matt Nico That's why they're including it as your personal income. You should think about getting the titles/mortgages transferred under the name of your LLC so the rent isn't recognized as personal income.

@Basit Siddiqi Sorry if I sound naive, but can you confirm what “put into service” means? Is that when you put it up for rent?