All Forum Posts by: Yoshi Hakone
Yoshi Hakone has started 1 posts and replied 4 times.
Post: Transferring a rented property to an LLC
- Houston, TX
- Posts 4
- Votes 0
Jojo - good advice, thank you.
Post: Transferring a rented property to an LLC
- Houston, TX
- Posts 4
- Votes 0
Thank you, Mark. Got it on the check payable. Do you think I need to revise the lease - changing "Owner" from myself to the LLC
Post: Transferring a rented property to an LLC
- Houston, TX
- Posts 4
- Votes 0
Josh, thank you for your comment. The property is 100% owned by me without any liens - so no lenders.
I reviewed the lease contract and there are not any terms prohibiting Owner's assignment of the lease. So I think I am OK to do this from legal point of view. As I do not want to surprise my tenant, I would like to be prepared for her potential reactions - ranging from "OK" to "wow I will cancel the lease."
Thanks again, if I do, I would certainly share the experience.
Post: Transferring a rented property to an LLC
- Houston, TX
- Posts 4
- Votes 0
Hello everyone, I wonder if I could seek your advice. I have a single family home in Houston which is rented for 4 years until 2019. Under my name, no liens. Per everyone's advice I set up a single member LLC under my name.
A question is what kind of reactions from the tenant when I inform my intention to transfer their home to an LLC? Of course I will explain that the security deposits and all obligations under the existing lease contract will be transferred to the LLC. Legally it should be OK, but I would like to know your experience if you have done this with your tenant, please.