All Forum Posts by: Ian Rogers

Hey everyone, this is a pretty common discussion point on here and I have tried to search the existing posts to get the right answer, but at this point, I think I'd rather get assistance directly. 

Anytime I ever read or listen to anything regarding real estate investing LLCs always get brought up, but I cannot figure out how to do it properly. 

I currently own 4 SFH properties that are rented out. All of these were purchased using standard investor mortgages under both my wife and my own name. We created an LLC and want to use it to protect ourselves and to run our general business expenses through.

So I have the LLC, but the properties are still titled to us personally because we bought them and got the mortgage personally. We had to do this because the LLC has no financial history, so who the hell would loan to it.

This means there technically isn't a connection between our properties and the LLC and we are not fully protected. So I looked into doing a Warranty Deed to move the title over to the LLC which would protect us, right? However, this runs the risk of triggering the "due on sale" clause from the bank. My understanding is it also takes away some of the flexibility we have because the bank won't offer a refinance on the property unless we move it back under our name and leave it there for x months. Is that right?

So is this what people do to move properties under LLCs in order to protect themselves?

Thanks for the response. The HUD doesn't state what those seller credits were actually used for, it was just a credit to the amount due on closing, which could be down payment or seller credits.

I added these seller credits to cover the cost of some repairs that we were going to have to make. So are you just saying that I pick which closing costs this credit "covered"?

Also, if I don't document the closing costs then I lose track of what I actually paid. I'll lose track of how much I put into Escrow, how much I paid upfront for insurance and property taxes etc.

I created a journal entry listing all of the closing costs, but I need to balance the journal, which means I need to show the seller credits.

Hey all, I have searched the depths of the web for many hours to help me get my my finances in order on QBO. I'm nearly there, but just need help with one more thing. I'm a real estate investor and my own agent. i have created a journal entry for the purchase of a house and have recorded most items from the HUD accurately. But I don't know what to do with the Seller Credits and my commission. What account should I choose to accurately display these?

Thanks for the response Eric. That is good to know that I don't have much bargaining power.

What is a typical sort of relationship I can expect? I'd like to know the right sort of deal, o I don't get screwed over.

Hey everyone, 

I have seen a few posts about this in different forums, but I'd still like to get my own going and see what responses I'd get. 

I am relatively new to real estate investing, but am at a point in my life where I am getting ready to dedicate some serious time and money into it. I am still going to remain full-time employed elsewhere though, so this is not a job for me. 

I would really like to become a licensed broker, but only to use for my own purposes. I understand the time and costs involved in getting licensed, but I'm not well versed on how to actually function once I have the credentials.

My understanding is, I have to work with a managing broker, and have some kind of deal with them. Does anyone have any advice on how to

•  Find the right broker for this
• How to approach said conversation
• What sort of deal to try and strike
• And any other advice. 

I really want the access to the MLS, the freedom of being able to visit homes when I can and the commission savings, amongst other things.

Thanks all, and if it helps. I am in Seattle, WA.

Ian

Hey Riley, can you explain that law a little more please, or point to a good resource.

Hey all. New to BP and first time poster. I did some searching first but didn't really find what I was looking for. 

Some background on me. I am novice rental investor, with only one property. We bought a townhouse in Ravenna, Seattle and when we decided to upgrade we were able to keep our townhouse and rent it out. Ravenna is a booming area, even by Seattle standards. We set the rental price relatively high, but judging by a number of inquiries, we could have gone higher. 

Our tenant has been in there for two years now. We had a 1-year contract which then moved to a month-to-month contract. We have not raised the rent since she moved in.

Part of our concern has been that she is such a great tenant. Always pays on time, never complains about things and generally needs minimal assistance. Although, part of this could be because the house is just in such great shape :). Anyway, the concern is that we raise the rent too high, she moves out and someone higher maintenance moves in, costing us money through time.

Anyway, I'm looking for advice on raising rental prices (by how much and when etc), plus just general advice on how to set rental prices, like resources etc.

If people have advice specific to Seattle, that would be great. It's certainly a crazy market here. But any other general advice would be great.

Thanks all