Moving Tenants Over To An LLC
Once your LLC is set up, how do you go about moving your tenants over from a lease that lists you as the landlord to one that lists the LLC as the landlord and yourself as an agent or manager? Is it as simple as just giving them a new lease that supersedes all previous leases?
[addsig]
Assuming that you have transferred title in your property to the LLC you need do nothing. Leases "run with the land" and were automatically transferred to the LLC when you transferred title.
Simply send the tenants a notice of what name to make the checks out to.
When leases expire and the tenants sign new leases make the change in the landlord name then.
Mark, but MTM leases don't expire. Or at least the ones I use don't expire. They require 30 days notice and all, but they don't have a specific date when they expire.
So in this case, it's just the letter to all current tenants, right?
I have a question, when I buy rental properties, do I want to buy them in my personal name or under a corporation name?
Are there disadvantages in buying them in my own name?
And would that corporation name also be the same company that mangages the rentals?
Thanks, Chantaley