Great video. I wanted to add the LLC portion of your video. We personally prefer to work with seasoned attorneys for LLC formation to optimize liability and asset protection. In addition, here in Texas, we prefer forming a SERIES LLC as it limits that additional formation paperwork and expenses that come with each and every traditional LLC Formation. Finally, we love Baselane Banking as the platform is geared to landlords. It has made our lives a lot easier as we manage over 10 properties. Thanks again for your channel and sharing your skill sets publicly.
Another great video, Erin! Would love a video about creative ways of acquiring properties for midterm rentals (outside of conventional investment property financing)
Seller financing seemed like it was maybe an option for a few months there, but now that the interest rate is coming down- it seems less likely. Have you tried to get a hard money loan before?
Thank you for the content again. regarding to the LLC set up-- I am in CA, it cost me 800 per year to maintain plus tax return from CPA-- 1400 annually. So... ??? Should I or shouldn't I?? ahah Also note that LLC for the property--- Is the LLC as a management company to the property Or LLC as a property owner? I am house hacking right now, I transfer deed to my LLC with the risk of Due on sale. Lastly Insurance-- i have home insurance with additional rider "home sharing" Since I have transferred deed to LLC, it no longer a personal liability thing. It is commercial side of the liability thing. I am still trying to think what is the right way to do it.. 😢
Great point on the LLC/loan call up issue. This actually makes me a little nervous. It's been standard practice in the US for investors to quit claim their properties into an LLC at close (or later), but this does create a vulnerability for the owner. The vulnerability being that per your loan docs, they could pull the loan if they wanted. Related, I've wondered if insurance may become a loan issue as well as some insurance companies have started the practice of just canceling policies. Interesting on the personal liability v. commercial liability side.
🧠What else would you recommend when setting up a Midterm Rental Business?
Great information!
Thanks!
Great video. I wanted to add the LLC portion of your video. We personally prefer to work with seasoned attorneys for LLC formation to optimize liability and asset protection. In addition, here in Texas, we prefer forming a SERIES LLC as it limits that additional formation paperwork and expenses that come with each and every traditional LLC Formation. Finally, we love Baselane Banking as the platform is geared to landlords. It has made our lives a lot easier as we manage over 10 properties. Thanks again for your channel and sharing your skill sets publicly.
Thank you for watching.
Great information! Thanks so much:)
Thank you!
❤
Another great video, Erin!
Would love a video about creative ways of acquiring properties for midterm rentals (outside of conventional investment property financing)
Seller financing seemed like it was maybe an option for a few months there, but now that the interest rate is coming down- it seems less likely.
Have you tried to get a hard money loan before?
Thank you for the content again.
regarding to the LLC set up-- I am in CA, it cost me 800 per year to maintain plus tax return from CPA-- 1400 annually. So... ??? Should I or shouldn't I?? ahah
Also note that LLC for the property--- Is the LLC as a management company to the property Or LLC as a property owner? I am house hacking right now, I transfer deed to my LLC with the risk of Due on sale.
Lastly Insurance-- i have home insurance with additional rider "home sharing" Since I have transferred deed to LLC, it no longer a personal liability thing. It is commercial side of the liability thing. I am still trying to think what is the right way to do it..
😢
Great point on the LLC/loan call up issue. This actually makes me a little nervous. It's been standard practice in the US for investors to quit claim their properties into an LLC at close (or later), but this does create a vulnerability for the owner. The vulnerability being that per your loan docs, they could pull the loan if they wanted.
Related, I've wondered if insurance may become a loan issue as well as some insurance companies have started the practice of just canceling policies. Interesting on the personal liability v. commercial liability side.