All Forum Posts by: Rob Cucugliello

Hey All!

Doesn't seem to be a consensus on here on how to write the lease up. I have some properties in my personal name and some properties under my LLC (going forward all will be under my LLC. So I'm trying to ensure my Leases are properly written. I need finances to go thru my LLC, so checks need to be made out to the LLC name. But how do I properly write the lease up? Any definitive answers here?

Thank you @Nathan Oberle and @Alan Rohrer! Very helpful information that I need to think over and get moving on. Really appreciate the guidance!

Hi all!

Hoping for a little guidance here. I am small time but growing. I currently own 2 SFH rentals but will soon have 5 rental units within 4 properties, plus a 5th property that I'll be flipping (to build additional capital). I do not have an LLC, but I do have umbrella insurance (which will need to be updated).

With the upcoming growth, I quickly noticed I need to be more organized, specifically financially. Everything is going in and out of my personal banking accounts with a 'separate' savings account to hold rent, ect in - but this necessitates a lot of account to account transfers. I also have to track any expenses separately, and make sure it eventually hits the 'Real Estate' labeled account appropriately. This also made tax season a lot harder than it had to be. My gut reactions is to create an LLC, and then a small business bank account associated to that LLC, but I'm not the LLC is actually required. So my questions are:

  - Should I just create a small business bank account? or just a separate personal bank account? or does it not matter? other options?

- Does creating an LLC help with any of this? or just satisfy the need of an EIN which is needed to create an business bank account?

- Will an LLC help with organizing taxes? or will just a separate bank account take care of that.

  - I am considering adopting Buildium to manage the rentals (applications/background checks/leases mgmt), which again I believe requires business bank accounts. Is this true?

Overall I'm trying to understand if my gut reaction of creating an LLC is right, or if its really just the need to separate my finances - and if the latter, is an LLC just a prerequisite? Any additional guidance on the overall financial organization is much appreciated!

Hope that all made sense!

Thanks all! I have not used credit unions before but I reached out to a few and one was able to help me. Appreciate the guidance!

Hey all!

Looking for help here. So I found a mixed-use rental property for sale in NJ. It's a 2 unit property: 1 commercial and 1 resi. Both of them are already in lease (the commercial one has been there 17 years!) and the return is fantastic. Minimal repairs needed. I am relatively small time currently dealing with just a few SFH but looking to expand and this property looks perfect.

The problem I'm having is I can't seem to find anyone that will finance a mixed use property. I honestly don't even understand why. Can someone help me understand why I'm having problems, or even better, point me in the direction of someone who can help?

Thanks all!