If the rental property is under LLC, who should be on the lease contract ? The owner personally or the LLC ? If the LLC get sued by tenants, the law can force to sell the assets to pay the lawsuit in the worst case scenario ?
In the Operating agreement, you can create an officer position who is going to sign all documents. Officer could be the president of the LLC. Mr Clint explains really good in another video.
Make sure you use the stat where the entity is setup in the title and you could file a memorandum of interest against your property for added protection.
Quick question, if I am an executor of an estate with no will, can I finance a car to a third party with a monthly payment at fair market value? The car is worth probably $10k.
@@ClintCoons what is the main disadvantages of prolonging the estate from closing? This person also owns a small piece of land worth maybe 15k-$25k and a small boat 🚤.
Thank you for your infomations. We have 3 properties for rentals. 1 properly is in Florida,and 2 properties is in New Jersey. How can we have an LLC in these properties.
You would set up LLCs for the NJ property but use a land trust for the FL property. I would also create a holding LLC to own all of the above entities and to provide anonymity.
Would the ultimate work around be a privae express trust, as it gives you the more protection than an LLC, but as well, the trustee acts in sui juris and the trust can be considered an indiviidual... IJS
If the rental property is under LLC, who should be on the lease contract ? The owner personally or the LLC ? If the LLC get sued by tenants, the law can force to sell the assets to pay the lawsuit in the worst case scenario ?
In the Operating agreement, you can create an officer position who is going to sign all documents. Officer could be the president of the LLC. Mr Clint explains really good in another video.
The LLC will be on the lease agreement.
How do you prevent title theft while having anonymity?
Make sure you use the stat where the entity is setup in the title and you could file a memorandum of interest against your property for added protection.
If there is a mortgage on the property will a bank allow the owner to put the property into an LLC?
Yes if the loan is held by Freddie or Fannie. DSCR loans also allow LLC ownership.
Thanks Clint, great video!
No financing or refi on a LLC is a big con. Whats the strategy to overcome it? Commercial loans?
Yes or DSCR
Quick question, if I am an executor of an estate with no will, can I finance a car to a third party with a monthly payment at fair market value? The car is worth probably $10k.
You probably could but I wouldn't because it will drag out the estate closing.
@@ClintCoons what is the main disadvantages of prolonging the estate from closing? This person also owns a small piece of land worth maybe 15k-$25k and a small boat 🚤.
@@mikejames9035 Possibly court costs, attorney fees, and fiduciary liability to the beneficiaries of the estate.
@@ClintCoons thanks a lot 👌
Thank you for your infomations. We have 3 properties for rentals. 1 properly is in Florida,and 2 properties is in New Jersey. How can we have an LLC in these properties.
You would set up LLCs for the NJ property but use a land trust for the FL property. I would also create a holding LLC to own all of the above entities and to provide anonymity.
Would the ultimate work around be a privae express trust, as it gives you the more protection than an LLC, but as well, the trustee acts in sui juris and the trust can be considered an indiviidual... IJS
A Land Trust.