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How To Use LLCs To Invest In Real Estate
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- Опубліковано 18 сер 2024
- In this video, Clint Coons, Esq. will teach you how to use LLCs to invest in real estate and how to make your assets appear invisible.
How can one use an LLC to invest in real estate? For those of you who know the benefits of this specific form of business, it is no surprise why we tend to look favorably at them. However, some investors are unfamiliar with the advantages an LLC offers a business, or how they should be properly structured.
“An LLC, just take its name, break it down, Limited Liability Company. It's a business entity that protects you.” 0:46
LLCs are a type of legal business that allows you to shield your personal assets from potential liability. The LLC is the most commonly used business entity in real estate investing than any other business model. As an LLC owner, you are able to manage all aspects of your property without worrying about being held personally responsible for any debts or lawsuits that may arise.
Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/83747b
Clint Coons, Esq., of Anderson Business Advisors, wants to further elaborate on the pros and cons an LLC can offer an investor in the real estate market. So if your mind was teetering regarding the decision to select an LLC, then you have arrived at the right video to ease your burdens.
Watch, listen, and learn how to use LLCs to invest in real estate.
We appreciate each and every one of you who took the time to watch our presentation, and it is our greatest pleasure to know you walked away with something helpful to your story.
Until next time, we hope you get your LLC set up (which Anderson can help you with) and always try to pursue your dreams.
Show Notes:
0:00 Intro
0:39 LLC?
2:49 Situation Assessment
4:27 Benefits Of LLCs
6:24 Problems With LLCs
7:10 How To Set Up An LLC
9:52 Existing LLC
12:41 Issues To Mind
14:33 Outro
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#llc #realestateinvesting #assetprotection
Thanks!
Thank u for another great video...my husband has a business in LLC a construction business......we are doing all the work on our house we plan to get it done rent it out! So i should set it up separately? Dont put it under the Construction Co?
Correct. Set up a separate LLC for the rental. Do not put it under the construction co. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Great info thanks for your time 👍
You bet
Do you have a video on how to address the requirement of not comingling funds from different LLCs? You mentioned something in the video but not sure what it is.
I do not but I will create one. Thanks for the idea.
Great Job‼️
Hey Chris Each LLC pays about 800 per year to be in good standing with certain states. So, having lots of LLCs could lead to lots of expenses to the state.
Correct so consider using statutory trusts instead to avoid the $800
How about a Series LLC?
Hello Clint, May you remain well. Also, would I be able to have settlement attorney cut checks in the amount and name that I need instead of what he put on HUD settlement sheet, in the land trust name, are they even using it anymore? Appreciate it. Peace always, G
Where do land trusts fall into place here? I heard you can open one LLC and each property you purchase you can put it under a trust. That way each one is protected. Is this true?
Only in Florida. Every state other than Florida will ignore the trust and hold the trust beneficiary liable hence the need for multiple LLCs.
Hi Clint …..
I’m building an ADU (650 sqft 1 bdrm/1 bath) OVER my existing garage. I currently do have an LLC as I was planning on buying investment property. My property is in California.
What is the best way to protect myself when I rent out my ADU?
I would start with a land trust for the property
@@ClintCoons thank you …. I truly appreciate your response and advice! 👍🏽
I have a rental property in a Florida LLC.. If I form a Wyoming Holding LLC company and place the FL LLC in it, how would the property appear in Florida and county records listed? Under the FL LLC or the Wyoming Holding LLC? Thanks!
Thank you.
You're welcome!
Hello Clint, I have a question. Living in Texas, and using your example of LLC per property. As my strategy is Buy and Hold, would using a Texas Series LLC be better for me in the long run. (The Texas Series would be held by a Wyoming Holdings LLC for Anonimity).. Also, will that be 1x Tax return or a tax return for each cell?
Yes, absolutely
I have a disregarded llc that I closed down with SOS. I could use that one. Can I place a new primary residence in that llc? Or just a rental property?
You would need to create a new one
Question.
Purchasing an investment multi unit residential. The property is held in a LLC. The seller wants to sell me the LLC which includes the property. Saying that the property rights go with it.
Thoughts?
There attorney states that if I purchase the LLC it gets recorded as a assignment of right therefore avoids transfer tax AND reassessed property tax increases.
If the atty states it does not result in a reassessment then I would defer to your attorney.
I’m currently buying a property in Alabama under my LLC but my LLC is in Florida. Does this effect the deal?
No it does not. You will want to foreign file the LLC in AL at some point.
Clint,
I’m trying to transfer my rental property into my LLC, but my lender isn’t allowing me, saying that it doesn’t qualify to transfer into an LLC according to the investor. I’m afraid that a due on sale would come if I do.
Do they have a legal right to prevent me from transferring property to LLC?
Just do a quit claim deed or warranty deed to the LLC. Your lender won’t actually do anything as long as you’re the only one on the LLC. Worst case scenario if they do care, just refinance.
Hi Clint - I need to set up an LLC to satisfy a hard money lender. The property is a fixer upper in a bad state of repair. If my intention is to transfer to a conventional loan after I get the certificate of occupancy, i.e. after the repairs are completed, would I then need to transfer back to a non LLC type situation in order to qualify for a conventional loan? Is this an expensive way to do things?
For example, would this mean that I would be paying a transfer tax twice?
I would use a land trust for closing if your HML will allow it otherwise close in the LLC then yes you will deed it back to yourself for the refi then put it back in the LLC.
Great video! Let's say you have an LLC setup for your rental, deed recorded in the LLC name, but you have a mortgage in your personal name. Who should pay the monthly mortgage payment, the LLC or me personally in my name? Which is less likely to pierce the corporate veil?
Have the LLC pay the mortgage
Do you have the LLC formed in the state to buy a property there?
Typically yes or foreign file an out of state LLC in the state where the property is located.
Would it be wise to set up an asset protection trust before or after setting up my holding LLC? Thanks!
It does not matter. This is one of those “which came first the chicken or egg” analysis. Ultimately you end up in the same position. If you set up the APT first then you set up the LLC and assign the interest to the APT or you set up the LLC then the APT and again assign he interest.
@@ClintCoons Thank you!
Why not hold it personally and just buy a lot of insurance and a good umbrella?
Great question, I get this a lot. I will cut a video on this topic. Thanks for the suggestion.
@@ClintCoonsI will look forward to that video. I have one LLC and I’m skeptical of doing multiple LLCs because of the hassle and the fact that insurance should probably be good enough. I have heard that when someone sues you they typically only sue the max of your insurance coverage. How often do you see people filing a lawsuit for more than the insurance liability coverage?
@@DewTime 50/50 - depends on what the attorney thinks is available.
What would be the purpose/motivation of an individual who moves their property into the LLC and immediately sells the property immediately afterward and then fails to file the periodic report to the State? Does that seem suspicious to you? I'm dealing with fraud. My friend was Quitclaimed off the property during divorce proceedings and the home was facing foreclosure. Once the ex-wife sold the house (solely in her name) she then split the proceeds with the owner of that LLC instead of her ex-husband. I need to prove this happened. Maybe you could shed some light on what may have been going on with the LLC.
Wow not sure. Maybe the other party saved the house from foreclosure by paying off the arrears and that is why he received a 50% interest. Also the divorce decree would determine who is entitled to the sale proceeds.
Hey Clint - what must be done to transfer property from my name to an LLC "X" owned by a charging order protection LLC "Y" in such a way that creditors cannot infer that I own either "X" or "Y" LLC?
It all depends on where the property is located and if you are willing to pay a transfer tax. If you want it to be completely untraceable then we sell the property to the LLC. From a federal tax standpoint it is neutral but you may have to pay a state excise or transfer tax.
Golden Nugget here
Thanks
What about Trust's? I heard a Trust for each property. What about multiple properties in one trust? Or does this operate in the same manor as an LLC? Too much liability in one entity? Trusts can get expensive quick if your portfolio is increasing. Thanks!
Also, If you do all these separate LLC's, doesn't naming them become a burden?
@@seanmclaughlin7415 just name the llc after the name of the street 🤙
@@senon808 Wow! Thank you!! That is actually a great idea. Simple genius, thank you!
@ Sean McLaughlin - yes, multiple properties in one trust operates the same way as several properties in one LLC.
@@ClintCoons Better? Worse? Or better protected when each is in own trust?
Having LLCs for each property seems like a lot of paperwork, paying the fees and filing the taxes.
The property holding LLCs do not have to file tax returns.
I'm trying to sell my house to my wife without going through divorce I'm not sure if that's legal or not
My next problem is that my wife has a high HIGH DEBT TO INCOME RATIO of 53% my plan was to use her equity interest in my house to pay off her debt but not sure how to do it. she's not in a deed title and loan can you help me I spoke with a lot of people but they all offer me to refinance which requires 20% of my equity and I don't want that.
I suggest you speak to a local attorney before do anything that could hurt you financially down the road.
Too expensive 👎🏼
is the workshop for all peoople like z oom meeting?
Yes