Aiden Kramer I absolutely appreciate you. I've learned so much watching your videos and I am very grateful. You will be one of the main reasons why I will succeed In my business endeavors. Knowledge takes away some of the fear and anxiety that comes with being a Entrepreneur and your videos have been the solution for my lack of knowledge in Business Law. Thank You.
what if you own 30 properties? wouldn't it be a better practice to have, as a part of your lease agreement, to require your tenants to have renters insurance and a clause stating that you or the LLC will not be held responsible for any personal injury to them or any of their guests? 30 LLCs could become expensive and a lot to keep up with
Christopher Johnson Yes, both of those clauses in the lease agreement are very important regardless of whether or you are using an LLC for the properties. The LLC just gives an extra layer of protection. There are other ways to handle that many properties, as well, aside from LLCs. Thanks for watching and for the great question!
180 Law Co. LLC do you know anything about a deed interest property from a 3rd party company how do I go about getting deed interest into a property how do I put this property in my name how do I moved to get full ownership but the house deed is in My mom name and the fire taxes is in My uncle name how do I put this property in my name
Seriously great points. I’m going to call my attorney and put my income property in an LLC ASAP, if I lived in Colorado, I’d call you. A subject that you might want to cover that is becoming hot is Uber/ride share car purchases. The advantages of forming and LLC for a business vehicle.
As you set up a checking business account under te name of your LLC how much money should you keeping in it ? I imagine enough to cover monthly operating expense s, etc. Also what happens when you take money out from that account for yourself
Aiden, This just came to mind. How do taxes work with investment properties under a LLC? I've heard of the 1040 Flow through tax benefit but I'm unsure of how it works. 1. For investment properties you can get tax deductions for depreciation and improvements. Can you give those benefits to the member/owner of the LLC and not the LLC itself? 2. Can you get deductions for business related purposes? As in travel, education and office space? I'm sure others have the same or similar questions so it'll be great if you could make a video on this. Thank you!
Love how clearly you explained this part of the business in which im going to be investing in. I also think the graphics were great . Big thank you from nolan in milwaukee wisconsin
How does it work if you transfer the property to the LLC and the mortgage is still a personal loan? Would the llc pay the mortgage or would you have to pay out of pocket?
My lender knew i went for a residential loan because the rates and terms are much much better than an LLC loan and he called my loan. So, I left things they way they were and made sure i had excellent insurance coverage plus an umbrella policy.
If A owns a personal residence and then 2 years later starts a real estate investment business and sets up an LLC with liability protection and then, say, B sues them. Will the personal residence of that person be protected? assuming A did everything right: did not take out too much money from the LLC for personal use, used the LLC assets to grow the business etc. A lot of youtube videos are not answering this question directly. In my search, I have found videos that talk about putting personal residence into a separate LLC and others talk against this idea. The logic suggests that each LLC is independant of the other. Each LLC owns assets that are separate from other LLC. So then how would a lawsuit affects the business owner's primary residence. Ethically, nobody should be stripped off their personal property and forced to live on the streets. In a "civilized" society, if a biz. makes a mistake, that bizness ONLY should be liable
Landlords can become complacent with LLC's thinking their personal assets are 100% shielded. I have a saying that has sadly been proven with others personal experiences and here it goes: "On the wrong day, with the wrong judge and the wrong attorney, and the wrong circumstance, you could still loose" personal assets. I've been a landlord for close to 10 years now and as I am also nearing my goal of early retirement, this has been on my mind so much so that I am not renewing the lease for the current tenant. I have one residential single family home rental property I own outright that generates $1500 per month and I've decided not to renew so I can prep it for sale. Here's the thing, while I have no mortgage and it generates $18,000 pre-tax per year, after I pay property taxes, insurance, repair, etc. I'm generating close to $12,000 net as I also work a regular job. Lets not forget the Depreciation recapture tax landlords will owe after the sale of a rental from the depreciation one claims every year when filling and you are still required to pay it whether or not you claimed depreciation every year so always ensure to claim it. If I sold the property for say $200,000 and placed the proceeds in just a SP500 index, I'm averaging a yield of $14,000 per year with little worries other than market fluctuations when compared to land lording. Also keep in mind that the laws change every few years making renting more restricted let alone if you live in states like California in which court rulings tend to favor the tenant. My last tenant has been a nightmare. She pays the rent faithfully every month but thinks this entitles her to do what ever she wants with the property. Just a foot note to the above statement regarding the Depreciation recapture tax, I understand you can avoid capital gains and the recapture tax by rolling the proceeds to the sale of one property over to another but sooner or later, you may decide to exit the rental business like me so it's just food for thought.
I love the work of the graphics department! coming from a Graphic Designer.... btw I love your videos too bad u practice law in Colorado and not in Florida.
Love the way that you explain everything, Thank you very much. I have a question if I want to buy a property under an LLC and then want to refinance, do you think is better to do a warranty claim to me and after refinance warranty claim the property back under the LLC? Just thinking that rates will be better under personal credit. Thanks for any insights about it.
Thanks for the info! I followed your advise and checked with my lender to see if they had a "due on sale" clause. They said my loan was owned by Freddie Mac who doesn't allow for the transfer of the deed. Not sure if that meant they'd enact a "due on sale" clause, but better to not put it to the test. :-\
Can you have an umbrella llc own the property and lease it to a subsidiary llc? Wouldn't that protect the property asset from attachment by the person suing the subsidiary llc? Because the subsidiary llc wouldn't really own the property. They are just leasing it from the holding company.
Transferring a deed from a person to an LLC with a quitclaim nullifies the title insurance. However, if you transfer from a person to an LLC using a warranty deed, is the title insurance still intact?
Hello Aiden. Excellent presentation. Just suscribed and gave a thumbs up. Question for you. Aside from protecting investment assets like residential and/or commercial real estate in a properly run LLC...how would someone protect their personal possessions such as their house, etc..? Family Trust?
Would you recommend having a holding company llc that you are the managing member of and then each property being a subsidiary llc with the holding company as the managing memner?
One does not just simply put the property inthe LLC do they, Isn't it a little more involved than that? Do you have a video covering the ins and outs of that process? Thanks, great info btw!
Hello. I was just looking at the video and I was wondering. If you have an investor whom has 30 investment properties, and they have started his/her own LLC. Would it not be best to make the company (LLC) a trustee in a revocable "land trust" with the owner being the grantor and one of the beneficiaries as well. Meaning no properties will be owned by your LLC, but everything comes to and through your LLC. A "land trust" keeps the owners name as a beneficiary private, correct? So the person(s) can not sue the owner directly, or have I been misinformed? The deed should read as owner " land trust 1" for example (IF the sellers agree to sell to a land trust), and the "land trust" now is the grantor or trustor, which gives the LLC. the fiduciary employment to handle the "investment operations" only (ie. hiring a property manager, subcontractors, maintenance workers, etc.). No real decision making. But the beneficiaries will be your name, your kids, your souse, or whomever. So in reality you own 30 properties, the LLC does not own the properties, but as the trustee, the LLC would be sued, because the owner name is private in a trust, unless they have committed a criminal negligence or act, if I'm correct. Please if you could help with this question it would clear up a lot. Thank You.
TheKARAOKEMAMBO Great question! Having that many properties definitely raises more issues than I discussed in this video. I have made note of your questions and will try to address them in an upcoming episode. Thanks so much for watching!!
hello, how would this property with a single truck, trucking company? would insurance go in the LLC name as well? how does a DIN fit in this with the ss-4 EIN.
Thank you for the information. Essentially, how would this be a possibility if you owned hundreds of homes. An llc for each seems extremely timely and chaotic. Please respond.
My wife and I want to put our rental property in an LLC. Do we need to get an EIN for the LLC? If we open LLCs for future properties, does each need a EIN?
when i hear about people winning the lottery, specifically in california and other states that require names/faces to be public, i wonder how do they stay anonymous, and does having a LLC work for this particular reason?
Investment properties in LLC wouldn't that increase your taxes because your property is a corporation now. Also if you are evicted a tenant you need a lawyer you cannot represent yourself in court also higher insurance cost
Great video! I remember vaguely one of my professors, who's in real estate, talking about how you shouldn't hold assets in a S-Corp but rather hold them in a LLC. I remember he had both his S-Corp & LLC working together in some kind of way. Is there a way to funnel a property through the S-Corp and then hold it in a LLC while only making the S-Corp's assets up for grabs instead of creating a new LLC everytime you buy a property. Thank you again for your wonderful videos.
An S Corp is merely an alternative way of having your LLC or corporation be taxed; you have to form an LLC or a corporation then you can elect to be taxed as an S Corp. So perhaps that is what your professor was doing. I made a video a while back explaining S Corps: ua-cam.com/video/i5to7Da3wMw/v-deo.html Thanks for watching and for the great comment!
Hi Aiden! Question: Will creating an LLC with a single owner/member to purchase a investment property under this LLC, will protect this investment property from lenders of a previous foreclosure my spouse had? My name was not on the mortgage documents. In other words, I would like to create this LLC to purchase an investment property to protect this property from previous lenders that are taking action for my spouse assets... Is this possible? Will my investment property purchase under my single LLC company be protected? Please advice. Thank you!
Great art work lol. But question. I am learning lot I am starting my own LLC. What are the rules on buying a small truck or used for the company so I wont have to use mine or might loose it. If sued. What are the pros and cons? Thanks
Hi, I have a question... Me and my friend were thinking about forming an LLC but we both live in a differnet State. Is that possible.. Any suggestion.. Thanks
I live in NJ and want to put a rental property I own outright in a LLC. in the state of NV. If I have to evict a tenant, do I have to go through NV courts or can I go through NJ courts being the property is doing business in NJ? Thank you Rich
Hello! I have a question please. I am a landlord that purchased a property from a bank with tenants on it. Lease is expired and now it's month to month. I have the property under my LLC and l went to court with my lawyer and filled for eviction with cause of personal moving on the property. The judge said he doesn't see how an LLC can move personally into a property. I got rescheduled and don't know what to do. Please advise what l can do. Many thanks !
This does not address how to transfer personal property to an LLC the proper way. The due on sale clause prevents one from doing it as she specified. I'm lost.
You are hilarious and smart....lmao...I love it.Now if you're incorporated its more difficult for a person to sue or have access to the property right?
You certainly don't NEED to, but it can still be a good idea. The will controls who inherits the property after the owner's death, but the LLC helps to provide an extra layer of protection from debts and liabilities. It can be a tricky thing and will depend a lot on your individual circumstances, though, so it is best to seek the assistance of an attorney who is licensed in your state. Thanks so much for watching and for the great question!
Question... Lets say I have an LLC that owns my home. I have medical bills that have gone to collection. I live in Utah. The collection agency finds me eventually and are granted a judgment and ultimately try placing a lien on the property. Is this possible for them to do if I am the owner/member of the LLC that owns the property? Any other thoughts or concerns regarding LLC home ownership and members/owners of the LLC incurring debt that goes unpaid or goes to hardcore debt collectors?
Creditor couldn't put a lien on your house since you do not own the house, LLC owns your house. But since you own the LLC they can get a charging order to get your financial rights to that LLC, meaning any profit or income you'd try to take out from LLC would go to creditor. But creditors cannot participate in management of your LLC which means they can't force you to disburse any profits or make you liquidate any assets. Even in a case where you owned rental property you could still get around creditors and get money out. Simply create a trust that will own your LLC. So instead of taking a distribution though LLC which creditor would take, you'd move profits to a trust and then you could use your trust to pay your bills like mortgage, car payment, etc. You could add even more layers of protection like forming an LLC in state that allows you to stay anonymous and then have that LLC own another shell LLC that held your property. They wouldn't even know you had any assets. And in court you wouldn't even have to disclose anything about LLC that owns your house since that LLC is not owned by you(its owned by other LLC). Fuck the ahole debt collectors, if you do it right they won't even bother taking you to court as it'll be a waste of time and money for them.
Aiden Kramer I absolutely appreciate you. I've learned so much watching your videos and I am very grateful. You will be one of the main reasons why I will succeed In my business endeavors. Knowledge takes away some of the fear and anxiety that comes with being a Entrepreneur and your videos have been the solution for my lack of knowledge in Business Law. Thank You.
Gotta love those good quality high tech graphics ;)
I absolutely love those high end graphics. Thanks for all the free help.
You are hitting on all the topics I need to know about! I'm four-and-a-half years late to the game, but still! And I loved the intro, by the way😆!
Where/how would I find out if my lender has a ‘due on sale clause’ would it be written on the note or mortgage?
Just cute! Your graphics department is adorable.
I absolutely love these videos. They have helped improve the way we set up clients in our office. Thanks a bunch!
what if you own 30 properties? wouldn't it be a better practice to have, as a part of your lease agreement, to require your tenants to have renters insurance and a clause stating that you or the LLC will not be held responsible for any personal injury to them or any of their guests? 30 LLCs could become expensive and a lot to keep up with
Christopher Johnson Yes, both of those clauses in the lease agreement are very important regardless of whether or you are using an LLC for the properties. The LLC just gives an extra layer of protection. There are other ways to handle that many properties, as well, aside from LLCs. Thanks for watching and for the great question!
180 Law Co. LLC do you know anything about a deed interest property from a 3rd party company how do I go about getting deed interest into a property how do I put this property in my name how do I moved to get full ownership but the house deed is in My mom name and the fire taxes is in My uncle name how do I put this property in my name
Love your ring! Thank you for all the videos, great information, very helpful and lovely presentation:)
Seriously great points. I’m going to call my attorney and put my income property in an LLC ASAP, if I lived in Colorado, I’d call you. A subject that you might want to cover that is becoming hot is Uber/ride share car purchases. The advantages of forming and LLC for a business vehicle.
An LLC for Uber vehicles is very good idea. But, drivers have much more responsibility than a vehicle.
Great video! Love the graphics!
Haaaaa! Dude, I love u and your expensive graphics! Keep doing your thing, I appreciate all the priceless info!
As you set up a checking business account under te name of your LLC how much money should you keeping in it ? I imagine enough to cover monthly operating expense s, etc. Also what happens when you take money out from that account for yourself
Great Info! - Can't believe it took me so long to watch these videos!
Aiden,
This just came to mind. How do taxes work with investment properties under a LLC? I've heard of the 1040 Flow through tax benefit but I'm unsure of how it works.
1. For investment properties you can get tax deductions for depreciation and improvements. Can you give those benefits to the member/owner of the LLC and not the LLC itself?
2. Can you get deductions for business related purposes? As in travel, education and office space?
I'm sure others have the same or similar questions so it'll be great if you could make a video on this. Thank you!
Love the graphics!
Love how clearly you explained this part of the business in which im going to be investing in. I also think the graphics were great . Big thank you from nolan in milwaukee wisconsin
How does it work if you transfer the property to the LLC and the mortgage is still a personal loan? Would the llc pay the mortgage or would you have to pay out of pocket?
My lender knew i went for a residential loan because the rates and terms are much much better than an LLC loan and he called my loan. So, I left things they way they were and made sure i had excellent insurance coverage plus an umbrella policy.
It’s rare, but it certainly does happen! Insurance coverage is a great option anyway.
If A owns a personal residence and then 2 years later starts a real estate investment business and sets up an LLC with liability protection and then, say, B sues them. Will the personal residence of that person be protected? assuming A did everything right: did not take out too much money from the LLC for personal use, used the LLC assets to grow the business etc.
A lot of youtube videos are not answering this question directly. In my search, I have found videos that talk about putting personal residence into a separate LLC and others talk against this idea. The logic suggests that each LLC is independant of the other. Each LLC owns assets that are separate from other LLC. So then how would a lawsuit affects the business owner's primary residence. Ethically, nobody should be stripped off their personal property and forced to live on the streets. In a "civilized" society, if a biz. makes a mistake, that bizness ONLY should be liable
Landlords can become complacent with LLC's thinking their personal assets are 100% shielded. I have a saying that has sadly been proven with others personal experiences and here it goes: "On the wrong day, with the wrong judge and the wrong attorney, and the wrong circumstance, you could still loose" personal assets. I've been a landlord for close to 10 years now and as I am also nearing my goal of early retirement, this has been on my mind so much so that I am not renewing the lease for the current tenant. I have one residential single family home rental property I own outright that generates $1500 per month and I've decided not to renew so I can prep it for sale. Here's the thing, while I have no mortgage and it generates $18,000 pre-tax per year, after I pay property taxes, insurance, repair, etc. I'm generating close to $12,000 net as I also work a regular job. Lets not forget the Depreciation recapture tax landlords will owe after the sale of a rental from the depreciation one claims every year when filling and you are still required to pay it whether or not you claimed depreciation every year so always ensure to claim it. If I sold the property for say $200,000 and placed the proceeds in just a SP500 index, I'm averaging a yield of $14,000 per year with little worries other than market fluctuations when compared to land lording. Also keep in mind that the laws change every few years making renting more restricted let alone if you live in states like California in which court rulings tend to favor the tenant. My last tenant has been a nightmare. She pays the rent faithfully every month but thinks this entitles her to do what ever she wants with the property. Just a foot note to the above statement regarding the Depreciation recapture tax, I understand you can avoid capital gains and the recapture tax by rolling the proceeds to the sale of one property over to another but sooner or later, you may decide to exit the rental business like me so it's just food for thought.
I love a wise,smart, and a fun loving woman
I love the high tech graphics.
Can you do a video on Buying properties with an LLC?
Crippling cringe in the beginning but eventually salvaged by some great information lol
Right. I almost left in the first 30 seconds.
Thought it was a really bad porno.
Don't be a Fucking asshole 🖕🏿
Lmao was thinking the same thing
Michael Brown she aint gonna fucc ya for defending her in the comments brotha
This is an amazing video, how do you get a property under contract through an LLC??
Thank you very much for some actual good information. It's been difficult to get good answers from so many other sources.
I love the work of the graphics department! coming from a Graphic Designer.... btw I love your videos too bad u practice law in Colorado and not in Florida.
Hahaa love the way you said and showing your "quality graphic...etc", good contents :)
Just keeping up with all the regular legal requirements from ONE LLC is difficult enough. I can't imagine doing it for multiple ones!
Thank you again for making this video. This was a specific question that I had.
Love the way that you explain everything, Thank you very much. I have a question if I want to buy a property under an LLC and then want to refinance, do you think is better to do a warranty claim to me and after refinance warranty claim the property back under the LLC? Just thinking that rates will be better under personal credit. Thanks for any insights about it.
Thanks for the info! I followed your advise and checked with my lender to see if they had a "due on sale" clause. They said my loan was owned by Freddie Mac who doesn't allow for the transfer of the deed. Not sure if that meant they'd enact a "due on sale" clause, but better to not put it to the test. :-\
Can you have an umbrella llc own the property and lease it to a subsidiary llc? Wouldn't that protect the property asset from attachment by the person suing the subsidiary llc? Because the subsidiary llc wouldn't really own the property. They are just leasing it from the holding company.
Your are the BEST! Good Information!
Transferring a deed from a person to an LLC with a quitclaim nullifies the title insurance. However, if you transfer from a person to an LLC using a warranty deed, is the title insurance still intact?
How about placing vehicles into llc's to protect yourself from liability?
OMG..you are so good at explaining...thank you so much.
Can you do a video about how you get a llc for a corporate housing company?
May I ask, what if a tenant happens to file the landlords property as an LLC without any consent.
What about property tax? Wont it go up by like 3 times the amount... same as home owners ins.
Hello Aiden. Excellent presentation. Just suscribed and gave a thumbs up. Question for you. Aside from protecting investment assets like residential and/or commercial real estate in a properly run LLC...how would someone protect their personal possessions such as their house, etc..? Family Trust?
What about personal homes? Should they be put in an LLC or a trust? Or is there something else available?
Would you recommend having a holding company llc that you are the managing member of and then each property being a subsidiary llc with the holding company as the managing memner?
Informative and educational
One does not just simply put the property inthe LLC do they, Isn't it a little more involved than that? Do you have a video covering the ins and outs of that process? Thanks, great info btw!
What about if you own the property personally and lease the building to the LLC?
Wow, great sense of humor.
Hello. I was just looking at the video and I was wondering. If you have an investor whom has 30 investment properties, and they have started his/her own LLC. Would it not be best to make the company (LLC) a trustee in a revocable "land trust" with the owner being the grantor and one of the beneficiaries as well. Meaning no properties will be owned by your LLC, but everything comes to and through your LLC. A "land trust" keeps the owners name as a beneficiary private, correct? So the person(s) can not sue the owner directly, or have I been misinformed? The deed should read as owner " land trust 1" for example (IF the sellers agree to sell to a land trust), and the "land trust" now is the grantor or trustor, which gives the LLC. the fiduciary employment to handle the "investment operations" only (ie. hiring a property manager, subcontractors, maintenance workers, etc.). No real decision making. But the beneficiaries will be your name, your kids, your souse, or whomever. So in reality you own 30 properties, the LLC does not own the properties, but as the trustee, the LLC would be sued, because the owner name is private in a trust, unless they have committed a criminal negligence or act, if I'm correct. Please if you could help with this question it would clear up a lot. Thank You.
TheKARAOKEMAMBO oh forgot to say..... the LLC will be a trustee to all 30 properties in the end. Is this a good idea??
TheKARAOKEMAMBO Great question! Having that many properties definitely raises more issues than I discussed in this video. I have made note of your questions and will try to address them in an upcoming episode. Thanks so much for watching!!
+The Law Office of Aiden H. Kramer, LLC I would be interested in hearing your opinion on this as well!! Your videos are great by the way!!
Each llc in cali cost about 800 a year. That eats up most of your profits.
Super helpful!
Thanks for this video you just this second protected my Property investment firm thankx again
Yay! Love to hear that. Thanks for watching and for the comment!
hello, how would this property with a single truck, trucking company? would insurance go in the LLC name as well? how does a DIN fit in this with the ss-4 EIN.
Hot and smart! Love it. :)
Oh and I love your "graphics"..... ;)
Thank you for the information. Essentially, how would this be a possibility if you owned hundreds of homes. An llc for each seems extremely timely and chaotic. Please respond.
Do you know anything about buying a deed interest into a property from a 3rd party company
What if it is the other way around and I get in a car accident ( for example) and get sued. Can all the LLC’s that I own be added in my personal suit?
Hello Aiden, can I put a property located in Germany into my Colorado LLC using a quitclaim deed? If so, how shall I do it?
Doesn't landlord liability insurance protect you from lawsuits?
I got spooked at the start
My wife and I want to put our rental property in an LLC. Do we need to get an EIN for the LLC? If we open LLCs for future properties, does each need a EIN?
Since each one is separate company, you need separate EIN for each LLC. Think it like separate bank accounts.
How to transfer the ownership from personal to LLC.
Great video
Would each of them have to separate tax returns?
what if the rental properties, are in a irrevocable trust?
My wife and I have an umbrella insurance policy. If we open an LLC does the policy still cover this property or is separate insurance needed?
Great video. Appreciate the information. God Bless.
when i hear about people winning the lottery, specifically in california and other states that require names/faces to be public, i wonder how do they stay anonymous, and does having a LLC work for this particular reason?
There is only a handful of states that don't require winners to be made public. There are ways to work around this using LLCs and trusts though.
Investment properties in LLC wouldn't that increase your taxes because your property is a corporation now. Also if you are evicted a tenant you need a lawyer you cannot represent yourself in court also higher insurance cost
hi, can i put my rental property on an llc even if i have an investment mortgage on that? thank you
Great video! I remember vaguely one of my professors, who's in real estate, talking about how you shouldn't hold assets in a S-Corp but rather hold them in a LLC. I remember he had both his S-Corp & LLC working together in some kind of way. Is there a way to funnel a property through the S-Corp and then hold it in a LLC while only making the S-Corp's assets up for grabs instead of creating a new LLC everytime you buy a property. Thank you again for your wonderful videos.
An S Corp is merely an alternative way of having your LLC or corporation be taxed; you have to form an LLC or a corporation then you can elect to be taxed as an S Corp. So perhaps that is what your professor was doing. I made a video a while back explaining S Corps: ua-cam.com/video/i5to7Da3wMw/v-deo.html
Thanks for watching and for the great comment!
why have homeowners insurance then ?
Another amazing video thank yaa
Do you need proof of funds ?? Or just llc to get the property
Hi Aiden! Question: Will creating an LLC with a single owner/member to purchase a investment property under this LLC, will protect this investment property from lenders of a previous foreclosure my spouse had? My name was not on the mortgage documents. In other words, I would like to create this LLC to purchase an investment property to protect this property from previous lenders that are taking action for my spouse assets... Is this possible? Will my investment property purchase under my single LLC company be protected? Please advice. Thank you!
I love uuuu.........thank you.. love the graphics you might wanna cut down expenses on those.. play it safe..
Great art work lol. But question. I am learning lot I am starting my own LLC. What are the rules on buying a small truck or used for the company so I wont have to use mine or might loose it. If sued. What are the pros and cons? Thanks
Hi,
I have a question... Me and my friend were thinking about forming an LLC but we both live in a differnet State. Is that possible.. Any suggestion.. Thanks
Thanks for the info. That was fun
If my single condo that I rent is in an LLC, does that effect my responsibility to pay the notr?
I live in NJ and want to put a rental property I own outright in a LLC. in the state of NV. If I have to evict a tenant, do I have to go through NV courts or can I go through NJ courts being the property is doing business in NJ?
Thank you
Rich
Hello!
I have a question please.
I am a landlord that purchased a property from a bank with tenants on it.
Lease is expired and now it's month to month.
I have the property under my LLC and l went to court with my lawyer and filled for eviction with cause of personal moving on the property. The judge said he doesn't see how an LLC can move personally into a property.
I got rescheduled and don't know what to do.
Please advise what l can do.
Many thanks !
I would try to explain it like that; .... LLC needs to use it for its' own operating activities. You can prove it by a meeting decision of LLC.
I love youuuuuuuu!!! Your advice is great!!
Great information.
*so if you own a building that has, 50 apartments you need to have 50 llc?*
No bro.
Why not?
You are very helpful with great info.......... and attractive. :)
This does not address how to transfer personal property to an LLC the proper way. The due on sale clause prevents one from doing it as she specified. I'm lost.
You are hilarious and smart....lmao...I love it.Now if you're incorporated its more difficult for a person to sue or have access to the property right?
So informative.. So Cute!
Well done. ...
Hi, watch your video just recently and got hook about business regarding LLC, so every property business will have a seperate business?
Hello,
Does one need to put a property that they own in an LLC if the property is already part of that person's living will?
You certainly don't NEED to, but it can still be a good idea. The will controls who inherits the property after the owner's death, but the LLC helps to provide an extra layer of protection from debts and liabilities. It can be a tricky thing and will depend a lot on your individual circumstances, though, so it is best to seek the assistance of an attorney who is licensed in your state. Thanks so much for watching and for the great question!
Good moves
Didnt quite understand the part of the bank. Can all 3 LLC's go to the same back account or do we need three separate accounts for each LLC??
Separate accounts for each! Always separate accounts!
So should the LLC be set up before closing on a property?
That's usually ideal, yes.
If you had a disco light go off at 0:18, it would be so hilarious.
great video
How do I build my LLC's credit from zero when my personal credit is not the best?
Fix your personal credit.
Question... Lets say I have an LLC that owns my home. I have medical bills that have gone to collection. I live in Utah. The collection agency finds me eventually and are granted a judgment and ultimately try placing a lien on the property. Is this possible for them to do if I am the owner/member of the LLC that owns the property? Any other thoughts or concerns regarding LLC home ownership and members/owners of the LLC incurring debt that goes unpaid or goes to hardcore debt collectors?
Creditor couldn't put a lien on your house since you do not own the house, LLC owns your house. But since you own the LLC they can get a charging order to get your financial rights to that LLC, meaning any profit or income you'd try to take out from LLC would go to creditor. But creditors cannot participate in management of your LLC which means they can't force you to disburse any profits or make you liquidate any assets. Even in a case where you owned rental property you could still get around creditors and get money out. Simply create a trust that will own your LLC. So instead of taking a distribution though LLC which creditor would take, you'd move profits to a trust and then you could use your trust to pay your bills like mortgage, car payment, etc. You could add even more layers of protection like forming an LLC in state that allows you to stay anonymous and then have that LLC own another shell LLC that held your property. They wouldn't even know you had any assets. And in court you wouldn't even have to disclose anything about LLC that owns your house since that LLC is not owned by you(its owned by other LLC). Fuck the ahole debt collectors, if you do it right they won't even bother taking you to court as it'll be a waste of time and money for them.
If you place your home into a LLC can you remove it at a later date and have put back into your name?
Ya sure