All Forum Posts by: Turner N.

Not sure if anyone asked about this yet, but how much did your annual cash flow decrease on the other house due to a higher mortgage payment ? I'd assume between the two properties, you do end up making more money when everything is said and done, but don't you want to take into account all your cash flow instead of just one single property? Your debt-load is now $50k higher from the re-fi, plus you also have more debt from the new property.

@Christopher Phillips How would this work if it is a two member LLC, the other member being my wife? Currently the residence is in only my name, but the LLC is in both of our names.

Hello. I am in the process of quit claiming my old personal residence into an LLC to be used as a rental. This is being done in Michigan. A few questions.

1. Should I be selling for $0?
2. Is there any way that I will pay taxes on this? Should I sell for my cost basis?
3. If I were to try to sell right now, the value of the house is approx. 50% higher than when I bought it. How does this affect the other two questions?

Sorry if these are kind of vague. First time posting and have had trouble figuring out answers to both of these.

Thanks.