All Forum Posts by: Leah Fisch

Thanks for the advice @Stewart Miller but we're looking to keep the property in the LLC

I feel like every day presents itself with new 'firsts'.

We purchased our first Buy and Hold (rental) property into an LLC and are now looking to refinance.

We qualified for a loan under terms that have me confused. I realize that LLC lending will be very different from personal loans so I'm wondering if this is normal.

• 4.75% Interest Rate
• 3 year balloon payments
• Closing costs of 6% loan value for a property we've already closed on 

This would bring the effective rate closer to 6% total on the loan. Which I'm sorta ok with. But is it normal to have just 3 year terms? 

What about after 3 years? The lender SAYS he expects the loan to renew but I've learned in the military to only trust signed documents. 

I'd love to hear your feedback on this and experience regarding LLC loans

I'm about to close on my very first rental property and would love feedback/advice on how to prepare to ensure nothing is missed.

Here's what I have so far:

• Created LLC
• Bank account in name of LLC
• Property Manager lined up
• Attorney handling legal documents/aspect
• Insurance discussions in progress

Is there anything else?

And on a total unrelated note. Is there a 'dress code' for closings? I'm totally planning to show up in 'nice' jeans/t-shirt/sneakers

@Steve Vaughan I agree that's why I was concerned. 

@Samuel R. Harden thanks so much! This makes me feel so much better. I will of course dive into researching this some more but your comment makes me feel so much better. I just wish he EXPLAINED it to me when I brought it up. 

I hired an attorney to file a 50/50 partnership LLC for my new rental property.

I clearly asked for the LLC to be a 50/50 partnership and provided all the necessary information.

I received the initial filing documents today and what do you know. It has myself on the paperwork as a SOLE MEMBER!! My partner is not listed ANYWHERE.

When I asked him about it he replied that these are just the 'initial filing documents' and that the partnership will be specified on the Operating Agreement. 

I'm very confused... is this correct? I don't want any errors or issues that may come back to haunt me later. 

So... I took the communities advice and went to a highly recommended lawyer to file the LLC.

Initial documents have me panicking because the lawyer messed up. 

I'm not even sure what I'm trying to ask here... 

I'm confused by the advice. This will be a 50/50 partnership LLC. What does the attorney know/do that I can't find by myself?

@Account Closed we'll be doing LLC + insurance

taking no chances

Thanks everyone! We're officially in contract and should be closing shortly!!! :)

I've read that you should 'have a lawyer set up your LLC' for maximum protection. What are the benefits to having an attorney set it up vs doing it myself?

I've been researching the required documentation/paperwork/publications and feel that I have a handle on what is required.

Is there any more/less protection or something the lawyer can do that I cannot?

I'm not looking to cut any corners but at the same time why pay someone to do something if I can do it just as well.

Your thoughts/feedback will be greatly appreciated

Broker is writing up a contract as I type this. I feel like I should be nervous, so I am, but I can't...

I'm about to teach a night session (science teacher) so I need to NOT think about how excited and nervous I am!!

Huge thanks to BP for all the helpful advice and... HELP every step of the way. 

Let's see what happens...