All Forum Posts by: Kimar Abdul-Samad

I just mentioned it because it covers garbage disposals.

Investing in a good home warranty on the property is well worth the piece of mind.

Go to www.legalcontracts.com and get one done FREE.

The LLC is brand new...it hasn't had any funds yet. I actually inquired about a trust, because a financial adviser recommended that I get a revocable trust. However, the lawyer I spoke to didn't speak fondly of that idea. On second thought, he didn't seem to know a whole lot at all. Ill be talking to a new attorney. I was wondering...is it possible to set up and collect rent in the LLC without the property being listed in the LLC? Or does that constitute "co-mingling funds"?

The reason is because its a Fannie Mae property I have to have the contract in my name. I spoke with an attorney that told me that the only way to transfer it into my LLC is to default the loan. This doesn't sound like a good option for someone planning to get additional loans. It has mild lead issues which I am addressing. The lawyer also told me that a lead free certificate won't necessarily offer me protection against liability and that having the property in my name is not a good idea. After some thought, I've come to the conclusion of paying the property off within ten years, then transferring it into LLC. What are my chances of facing liability within ten years? And is this a good plan of action? If not...any other suggestions?? Btw, the property is in MD

I know this post is old, but I sure hope you've come to your senses.  

I just recently put my first rental in an LLC. However, Im reading more info about how placing the rental in a trust, with the LLC as the beneficiary is the best way to go. Is there a way to move it from the LLC and into a trust, while keeping that LLC as the beneficiary???

These are good points.  I will check out the lease agreement and take everything into account.  Thank u all

Good morning everyone,

I placed an offer to seller one day.  The agent says they will consider offer and get back us the next day.  Next day arrives and we are informed that there is now a renter moving in.  There is still a considerable amount of work that needs to be done, which I planned on doing after close.  Apparently, these tenants are also paying below market rent on the property.  Although we requested a copy of the lease, I do not understand the reasoning behind putting tenants into this house...?  I have no idea of who these people are nor the screening process that afforded them the lease. What reason would a seller have to put tenants into a property after an offer has already been submitted??

What's the point in trying to live in a suburb with no grass?  People are realizing that the place has been a reluctant desert the entire time.