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All Forum Posts by: Kate Friedrick

Kate Friedrick has started 2 posts and replied 10 times.

Post: Deed Under LLC, Loan Under Personal Name: Who is Loan Payer??

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

@Russell Brazil and @Caleb Heimsoth Thanks to you both. We will be revisiting our situation and options!

Post: Deed Under LLC, Loan Under Personal Name: Who is Loan Payer??

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3
Originally posted by @Russell Brazil:

It would seem like to me that if the property is owned by the LLC, and the mortgage is in your personal name, that seems like that LLC could be pierced in about 2 seconds.

I see it that way too, but our attorney said leaving the loan as is would be fine (unless the lender had a problem with it, in which case we'd transfer the deed back). I keep going through posts on BP and seeing that many people have loans in their personal names. 

Post: Deed Under LLC, Loan Under Personal Name: Who is Loan Payer??

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

[This post is opening a can of worms, I know...] We recently set up a single-member LLC and transferred the deed to our duplex to it. I have been moving all expenses/accounts under the LLC as well. However, the loan is still in our personal names and that won't change unless we re-finance with another financial institution (this credit union doesn't even offer business loans). I'm trying my hardest not to co-mingle any funds, but this one has me stumped! Do I pay the loan/mortgage payment from our LLC business banking account or from our personal banking account? (Seems like both sides could be argued.)

Post: Camp Lejeune NC Property Management

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

@Sean Reaver, have you checked out Brown Properties of North Carolina?  They have a solid reputation in that area. (There aren't many PM companies in Jacksonville that do!) Best of luck.

Post: Need a CPA... But where do I start!?

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

@Linda Weygant, thank you so much for the recommendation! I will follow up with Natalie today! 

@Stanley Bronstein, that is great advice. I filed the extension yesterday and submitted overpayment along with it. (At least I hope it's overpayment!)

Post: Need a CPA... But where do I start!?

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

@Dave Foster -- "the all star team"-- that is great!! I appreciate ALL of the advice. I'm filing the extension this weekend-- just hope my estimated payment isn't too far off from actual. "Detective work" has been completed. It's a matter of not quite knowing how it all fits together! Will leave that up to the professionals. I miss the days of straight-forward tax preparation before real estate investing. ha!

Post: Need a CPA... But where do I start!?

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

@Michael Plaks, got it. I have never worked with a CPA so I just didn't know what he/she would need to even start. The receipts are hyper-organized-- just not in digital format. 

Post: Need a CPA... But where do I start!?

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

@Dan Moore, I really, really appreciate this recommendation. I'm going to reach out. Thank you!

Post: Need a CPA... But where do I start!?

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

@Michael Plaks, thank you! With the exception of my summaries/calculations and a few things I downloaded, all my documentation is in hard copy format. When people work remotely with a CPA, do they just scan all that stuff? (We renovated a house ourselves and there are hundreds of Home Depot receipts, for example.)

We wrapped up the 1031 exchange in February so I do have all the necessary dates/amounts at this point. Would I need to file an extension just because it crossed years?

Post: Need a CPA... But where do I start!?

Kate FriedrickPosted
  • Rental Property Investor
  • Raleigh, NC
  • Posts 10
  • Votes 3

I am finally accepting the fact that I need to file for an extension and work with a CPA. How do I go about vetting one and getting on someone's schedule at this point in time? Any recommendations in the Raleigh, NC, area? (I feel like it should be someone in close proximity in case they need to see documentation.)

I've got everything pulled together and pretty much entered into the H&R Block software. But I need another set of eyes on this stuff. We are fairly new to real estate investing-- we have a couple of rental properties, and we entered into a 1031 exchange at the end of 2018.

Thanks in advance for any recommendations!