When Should You Set Up A Property Management LLC?
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- Опубліковано 1 лип 2024
- In this insightful video, we delve into the question of when is the ideal time to establish a Property Management LLC.
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If you're looking to explore the benefits and advantages of forming a Property Management LLC, you've come to the right place. I'll provide step-by-step guidance on the process and share valuable tips to ensure your LLC is set up for success.
I'll also discuss the benefits and disadvantages of setting up a property management LLC, so you can make an informed decision about whether or not it's the right choice for you.
Show Notes:
0:00 Intro
2:04 Preserve Anonymity
4:26 Tax Savings
6:24 Management Fee
8:33 Common Mistake
10:59 Outro
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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.
#propertymanagement #llc
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Papa Clint back at it with the perfectly timed videos!
appreciate the support
One other insight and possible benefit to creating a Property Management company is being able to convert that Property Mgmt company to a S-Corp.
Something normally not recommended with property LLC’s.
Then your property mgmt company as a sole employee. You can then do a solo 401K. And a nice match.
@clintcoons Great video and you are a great teacher, One question, do we need to have agreements between LLC's and property management company? Or not needed since this comes under ONE structure.
I highly recommend taking advantage of the Strategy Session. I had one today with Seth.
As someone that feels I know quite a bit but also understands that there are many things that I don’t , Seth never talked down to me and it was a back and forth conversation with no ego.
Glad you were able to set one up
Good Info
Coach Clint !! Good evening
Hello there!
ok, for those of us that are considering using an already established PM company, would you be willing to make a video (or direct if you already have) discussing questions we should ask/look for when interviewing PM companies.
I have. Search my channel for property management and you will find some.
Great video! If we have properties in multiple states is there any workarounds about having to form the PM LLC in the actual state where property is located? Or would we need to create various management companies based in every state we own? Was hoping to consolidate to one.
Use one PM but foreign file it in every state where you self manage.
Great video! Would it be OK to create the PM LLC with a living trust as a manager or member to provide annominity?
Thanks for enjoying the video. I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/92l
Hi Clint, awesome video! Do you know if you can give the power to your own Property Management LLC to build additions and make new acquisitions? Asking because since it's taxed at a lower rate, maybe we could leave money in the PM LLC and build an addition on one of our properties with those funds and save on taxes that way.
There are many strategies to look at when it comes to creating a RE business. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
👍 Thanks!
When opening the bank account for this management LLC what business description should we tell the bank?
Great video! What about if the rental properties are in two different states? Create the property management LLC in one state, and foreign file in the other state?
Yes, absolutely
If I’m self managing, how would you suggest setting up this orange box/management LLC….is it okay to just create a manager managed single member LLC in the operating state with my name as the member and manager, or go the anonymous route as another LLC under the WY holding co?
Yes I do not see any problem with that approach. When you are managing your tenants I prefer to avoid the anonymity with the management entity.
what do you do with the new law where LLCs have to report to the US Treasury?
I think I get the advantages of forming a poperty management LLC. However, I wonder how that LLC will comply from a licensing perspective. I believe every state requires a license to manage 3rd party's real estate (which it would be the case if two different LLCs are involved).
You cant manage another person's real estate just your own.
Clint, Does filing for an ein with your ssn destroy your anonymity ?
It does not.
Thanks for the video. What are your thoughts on a property management company limited partnership in Az (ARS 29-333) in conjunction with asset protection ? Or am I confusing the concepts of added layers of asset protection and property management
That works but it will make anonymity more difficult.
@@ClintCoons if the general partner being a WYM LLC and limited partner being a trust (anonymous) will it not have anonymity??
@@duracell87 Yes but you will need to register the Wy LLC in AZ and this will blow your anonymity.
@@ClintCoons i appreciate all ur videos and time answering question. Thanks. I still have questions and confused about why the wym LLC doesn’t keep u anonymous in AZ . I’ll look into setting up a free consultation. Thanks again
What state should the Property Management LLC be filed in? WY or State in which property resides?
The state where the property it manages is located.
I have an LLC named, XYZ Property Management was it better if I named it XYZ Properties then another LLC to "manage" it called XYZ Property Management or is it fine as just XYZ Property Management??
I think it is fine but I would not use a name similar to the property holding LLC name.
When goin to evict a tenant, will I be able to represent the interest of the company in court or will I need a lawyer every time?
Lawyer will need to be hired.
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