Clint makes it as easy as 1, 2, 3. Step 1: Set up your Holding Company LLC (Anan LLC) Step 2: Set up your Property Owner Company LLC (POC LLC) which is owned and operated by your Anan LLC Step 3: Make all taxes and fees pass through your POC LLC to your Anan LLC Step 4: Go buy property in the name of your POC LLC
It's easy until you actually see the fields you are required to fill out (names and addresses) to register the property LLCs. Go check it out, start the registration and see how you can get around not providing your name (first and last) and address (principle place of business in state).
Your content has been extremely helpful in learning about how to setup my real estate business. I certainly plan to reach out to you or your firm based on the awesome content you provide on this channel.
This is great content as always, Clint! One question I have is why must the property holding LLC be member managed as opposed to manager managed? Does having it manager managed cause issues with anonymity?
WOW! one day I learned so much and became knowledgable about LLC. Never thought of these before. My only concern, I already set up an LLC where it says I am the Organizer and agent so how it will affect me to set up on any new ones? Can you help me with that? It is so nice of Clint Coon to share this information especially single mothers like me trying to get into the rental business. Nice and a very good looking guy too. Sorry, can't help, he is very handsome & his name kinda likes the movie star, Clint Eastwood. But he is much more handsome than the movie star. Looking forward to his channel more. Thanks for your kind help! Florence
Florence the fact you set up an LLC where you are listed as the organizer will not impact your future LLCs provided you do not set them up in the same manner. Yes we can assist with your LLCs. Your movie star comment cracked me up. :)
My 1st property become a rental located in Illinois and I live now in Texas tried to create an LLC for that property in Illinois but it requires the applicant to be a resident of the state (illinois) but I don't live there anymore.
Thank you for the detailed info, as always. Question: when you mentioned buying properties in various states and creating an LLC in those states…can you create the LLC in WY or DE and then register it in each state you buy properties in? Or do you need to create the LLC in those states? Thank you!
You can but it will increase your overall costs because you will need to pay 2 state filing fees. There is a misconception that having a WY LLC conducting business in another state will give you greater protections. The benefits of using a WY LLC only apply when the company is not registered outside of WY. Hence, why I typically recommend using the state specific LLCs held by the WY LLC.
I want to buy my first investment property out of town. I want to do it in an LLC. I don't want to transfer it from my name into an LLC. I'd rather buy it in an LLC. .
I think the missing piece to this wonderful information is that in order to successfully accomplish this technique is to either be or utilize a proper lawyer. Otherwise you will be forced to use your own name and address eventually in the process...right?
Clint, I want to say thank you for creating these helpful videos. My question to you is, I already have the member managed LLC in Texas and I was wondering if it is still possible to created the (holding company LLC) manager managed LLC or what should I do in this case?
Yes you can but you will be in the chain of control if someone were to look up your business. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession
Watched your video wherein you stated CA LLC should be member-managed LLC with the Wyoming/Delaware LLC should be manager managed. How does that structure comply with the California Office of Tax Appeals ruling in the Matter of the Appeal of: WRIGHT CAPITAL HOLDINGS LLC, 2019-OTA-219P, 08/21/201. In that ruling the determining factor was the control the out-of-state LLC had in the management of the California LLC. The out-of-state LLC failed to show that it was not a managing member of the California LLC.
All LLCs will be subject to the $800 franchise tax. If you want to avoid it consider using a Wyoming Statutory Trust in lieu of LLC. WST are not subject to the franchise tax.
If you’re not able to setup the LLC before you sign the contract, you can always sign under your name, but as follows: “John Smith, as nominee for an entity to be formed.”
Since residents were formerly known by the neighbors as the owners prior to transferring title to the Trust, how much recourse do potential plaintiffs have after discovering that the residents are no longer the legal owners? I would think that they would know who the underlying owner is.
My father is giving me a property in disrepair. 3 unit. How should that be structured? I will take loan to make major repairs once I take ownership. How should I make the transaction? Personal, through the LLc? Tremendous thanks!!!
@@ClintCoons spent last night vetting this approach, wow, thanks! Lol. Now I’m talking to the lenders to see who will allow me to transfer to LLc after the loan Thank you
Member Managed, Manager Managed or BOTH ? When i registered the WY Holding LLC. I had the option to choose Manager Managed. Where I type my name as the "Manager". Then I had a section where it asked for member information and how many members. Do I also type my name here as member? In the WY Holding LLC - Can i have my name in Manager Manged and also in the Member Managed section ?
Hi Clint, your videos are a must for every real estate investor. In the dwelling policy each property, best to have the LLC as the insured or the the owners are the insured with the LLC as the additional insured?
In this environment I would name the LLC as the additional if you are concerned about the due on sale clause. Check with your insurer to make sure the coverage is the same.
Ok. Thanks. The bank had no issues. They did the deed change themselves for a fee and asked that I add the LLC to the insurance . So in this case, do I them remove my name from the landlord insurance and let the named insured be only the LLC?
On a free and clear investment property, is there a way to have a trusted source record a mortgage on your property for protection purposes? Could you have the satisfaction of mortgage already signed and unrecorded to be able to clear the lien when needed? I was told this is a great way to relinquish equity in a property on paper. Just trying to figure out how to structure it. A video would be nice if this is a legal common method.
I am Maryland and have two properties and want to set up LLC . Want your 45 minutes session in coming week please tell me the time suit you .. how much it will cost me .
For residential RE, I’ve always heard that deeding the property into an LLC after closing runs the risk of triggering the Due On Sale clause in the mortgage. Is that not a concern?
In my experience acceleration only occurs when a mortgage falls behind, insurance is not paid, or taxes are ignored. Remember, banks are in the business of loan money not owning real estate. A bank does not want to accelerate because it does not look good on their books. If it concerns you then consider using a land trust to minimize the risk.
Hi Clint. How does it work for the "When" if you have obtained short-term, ( seller financed residential property with underlying mortgage, Real Estate Contract?) - When would you setup the LLC and where? Thank you.
I would set up the LLC to take title or move the property into the LLC after you have title. The LLC would be located in the state where the property is located. If you want anonymity then the state specific LLC would be member managed by a Wyoming LLC.
I understand that part, but the question is do you have to still create a foreign filing in the state that you are in to have your holding company you create in WI or NV to be the owner of the member managed LLC that you create in your state? No one is talking about that either...😕 This is a yes or no question that no one seems to answer. 🙁
MGTOW: The Joker (Stand Ur Ground, Thou Shall Change The Game!) You might be better served actually calling them directly versus asking a very legal advice type question online. No one is going to give that level of specific advice online at least not any content creators. Hope that helps
Lol!! Makes since Clint... The funny part about this is that it as very common knowledge. The reason why everyone is confused on how to set up a simple corporate structure is because of people like you. Vague vague vague! Please get Clint off of TH-cam so Anderson Advisors can stop milking money out of people. Anonymity, series LLC’s, member managed, manager managed! Lmao this guy is literally trying to get you to call his firm based on common sense information so he can charge you attorney fees for something you can do yourself. What a scam. Everyone that said this was good information is a rookie that is being sadly persuaded into thinking you need a law firm to do your structure. You don’t know what you don’t know. So do some real research and realize that this marketing ploy is FOS!
@@dm7175 If it was common sense no one would be watching. Information is power. Clint provides a lot of information for no cost. You don't need a lawyer to set up an LLC but if you want it done right and have it be defensible upon receipt of a lawsuit, you do it with a lawyer. I prefer a lawyer who is not only familiar with real estate investing but one who is an investor themselves. Thanks for sharing, Clint.
At 3.3M and 24K rent, no one will buy it. It’s not even meeting 1% rule. Unlike when you bought it you had an upside in rent. The new buyer at $3.3K would have to rent it at $1100 per unit. Also, 12% maintenance is not very realistic. 32 units will need way more $3500 in repairs. You need capes. You also have to spend on turnover. That alone can eat your increase in rent. Also, what heating to they use and who pays for them?
Hey Clint, quick question about your last example: If I own a CA investment SFR property and have a disregarded WY LLC holding co. (manager-managed), can I place the property in an LT or even acquire the property in a LT owned by a member-managed WY LLC, with its manager being a CA C-Corp? Thanks!
Your contents are very helpful. Thanks for making such valuable videos. For a residential RE (passive) investor (California resident), what type of LLC/trust setup you would recommend - for asset protection, investing in multiple out-of-state. Also why WY over Nevada? Don't we get the same anonymity benefits in Nevada? How to avoid creating LLCs in each state (because California registration fees are crazy)?
I would use a Wyoming Statutory Trust with a WY LLC as the trustee. This will eliminate the CA franchise fee on your real estate holding WST vehicles. I prefer WY because you do not need to use a nominee manager on your LLC to obtain anonymity. Check out some of my other videos on the difference between Wyoming, Nevada and DE or Best structure for California investors.
@@ClintCoons Thanks. if using Wyoming Statutory Trust to buy properties in another state (say OK, FL etc), won't we have issues when it comes to tenant eviction etc. I remember you discussed about this scenario, where ppl setup LLC in Nevada and own properties in another state and end up having such issues. won't this applicable to Wyoming Statutory Trust owned out-of-state properties as well?
@@ClintCoons Interesting. and the business trust do not need to register in each state and do not incur yearly fees (especially in California)? btw, scheduled a strategy session with you guys. looking forward.
@@gokullu They trust may need to register depending on the state and if it does then you may have a yearly fee. In CA you will not be subject to the $800 franchise fee.
If I'm new and have an interest in building and getting business credit card as well as loan from a local community lender who does portfolio and investment loans then I shouldn't operate as an anonymous entity correct? Becuz they r likely not gonna either gimme the loan and or biz credit? This is a place I'm stuck. I'm new to re investing and not sure how n what entity to set up n purchase in. Like what if I intend to fix n flip but then I end up wanting to keep n rent it out? I may have to be not be anonymous just to get started in order to build relationship with the lender for loans n credit right?
this is great info! I just created my LLC I have a question, do I need to make quarterly payments for my LLC?? of course I don't know how much income I'll be making. will start with flips!
This will depend on how your LLC is treated for tax purposes. If it is a corporation then eventually you may depending on your income. Initially you do not need to concern yourself with quarterly payments until you begin making money.
Assignment of interest is all you need. Very simple, however, if your FL LLC is taxed as an S-Corporation then you need to consult a CPA or attorney before performing such a move.
Hi Clint, thanks for the content. If I live and have an LLC in California, but also work and do transactions deals in other states such as New York, Florida, Ohio, Texas and Kansas. Does that mean I need to get an LLC for each of those states as well, a total of 5 more LLC. Or will my California LLC suffice for those 5 states I just mentioned?
It seems the type of state is important to know if a holding(buffer) llc is necessary. I am looking to own Real estate in NJ. What type of state would you classify that as?
What do you mean in terms of a strong or weak state? How much protection will a LLC in NJ make over personal owning of rental properties? Especially with this pierce the veil law over here in NJ
@@amitroy3878 The NJ LLC will protect you from claims made against the property. Piercing the veil is not easily granted so I would not let that deter you from setting up an LLC
I thought if you wanted anonymity. You set up an LLC in Wyoming. Then your next property put in whatever state it is. Then your first Wyoming LLC will the owner of all.
My first property I'd like to buy it up North, but my LLC is in Wyoming.This will be my holding LLC. I plan to buy more properties down south where I live. That's where I will put those in the states there in. The property with the Wyoming will be the owner of the properties down south.
@@ClintCoons one more question when I purchase the property,do I purchase it in the LLC of the state? Not the Wyoming name right? Which business checking will I use the Wyoming or the state it's in?
Then, should I start with the Living Trust first? Then, the WY LLC as the holding company? Then, the in-state LLC/LP for each property and the Land Trusts, right? Who should own my cash, stocks, and bonds? The Living Trust or the holding company?
For those who read my response the BRRRR method is Buy, Rehab, Rent, Refinance, Repeat. If you acquire the property for cash and want to refi in the LLC you will need to work with a community lender. A traditional broker will ask you to pull the property out of the LLC. I suggest you develop a relationship with a community bank to assist with your future refi.
@@ClintCoons Sounds good. I'm actually looking to have a sit down with a good CPA in my area that can help me and walk me thru starting an LLC and possibly and estate and will and whom I can trust and file my taxes with every year. Do you know of someone in Rhode Island or recommend someone who can help me? My current tax preparer isn't much help
@@cbass2112 Correct it will cost you some $ but what is this compared to what a lawsuit could cost you $$$$$. Don't trip over pennies on your way to dollars.
Greetings, if I’m interested in buying raw land and holding it for investment for at least a year, would you advise getting an LLC set before the purchase? Thank you for your time and information.
Yes so you can take title in the name of the LLC. If you are buying raw land have you checked out my colleague Seth Williams at retipster.com? He has a lot of info on land investing.
Thanks you so much. Quick scenario. I’m buying single family homes & renting them out. My Wyoming LLC will be manager managed, it will own my Texas LLC which will be member managed. So when I purchase real estate do I use my Texas LLC and then deed them to my Wyoming LLC?
Real Estate Asset Protection thanks so much. So the only thing that my Wyoming LLC will own is the different Texas LLC’s? Sorry for all the questions. I’m new at this & don’t want to make a big mistake.
Thanks so a question, someone hires a PI, hacks your pc whatever, finds your solicitors, his friend's son does an apprenticeship at asset protection law firm... whatever it is. PI now has info about Manager Managed Anon LLC and presents a case for suing. Your theory of "you cannot sue what you cannot see" is now exposed, where do you go from here? Russians for example can do anything they want as history teaches us. Apart from reporting an information burglary at your office Clint. I just want to cover all bases, your comments please.
Not sure what I can say about your hypothetical. Anything is possible but what is probable is how I look at things so ask yourself if you don't do it what is the risk to your assets.
when i set up my wyoming llc and need to file for the ein, as the manager of the wyoming llc and the wyoming llc is the member, what info am I placing on the EIN application? Is it the wyoming registered agent info? do i file as a third party? I have registered a wyoming manager managed llc and I am the manager. now I need to file the member managed llc in my state. is the physical address the wyoming llc? I am signing as the manager with my SS#? Thanks
It depends on the lender. Portfolio lenders, Freddie Mac allow for assignments to LLCs whereas Fannie reserves the right to accelerate. Thus, it could happen if your lender so desired but in my experience lenders are in the business of loaning money not owning property.
@@bienesraicesymasconcristina You could ask beforehand. A lot of investors just transfer the property into the LLC or use a land trust as the title-holding entity. In 20 years of practice, I am only aware of a handful of cases where a lender accelerated and it typically dealt with the loan falling into default for non-payment.
@@ClintCoons ok, thanks for your info, I started two years ago investing and now that is more than one property I want to make sure I protect everything and that I understand all these that you mentioned. I will watch your other videos. Thank you!..keep posting knowledge
Is this why it's beneficial to have a Land Trust in between so only the identity (Trustee and Trust Name) of the Land Trust is disclosed? The Beneficiary LLC is not on record.
Don't quote me on this because I'm not an attorney, but as per my understanding yes, as long as you set up your operating agreement to be member-managed. That's my understanding. If not someone can correct me on that.
With respect I asked you to I understand I hold 6 benificeary my dreams first time 5 stars hotel buy 2nd time buy high raise rental building better position Which time with contact me every time I look after thank goodness Amen
WRONG INFO!! Single-family homes, multi-families, apartment buildings, condos, co-ops are all residential. (the tax code classifies any property in which 80% or more of the gross income comes from dwelling units as residential, so many mixed-use properties can be classified as residential for tax purposes.)
@@pamlogan6920 Pam this video is about working with borrowers i.e., the borrower will classify a loan for purposes of financing and where and how to set up your LLC. Nikhil response does not apply in this context. If you are looking to obtain a loan on a 6 plex your lender will classify it as a commercial loan and different lending standards will apply. Further, I know this can be confusing but for purposes of this video, taxation is not discussed.
I purchase homes in preforeclosure often and I assume the underlying loan by paying the arrears due on the mortgage and then continue to pay the mortgage monthly. I take title through a simple quit claim deed after checking chain of title. In 30 years of doing this I have never had a lender exercise the Due on Sale Clause. Just make the payments on time and the lender will not care who is on title. They still have 1st position on the property regardless until they are paid off.
@@dominicgerodano5481 Wow!! Thank u sooooo much! Do u register title in ur name_/ or an LLC? This is so fastinating! Can I give u my email so we can talk? I promise not to take up much of ur time....
Quick question, once you deed the reisidental property into the LLC, can you then refinance the property? or should refinance before you deed the property? thank you.
Does property hidden by WY LLC's still pop up on my credit report?............Say I apply for something and they ask for my list of assets, do i have to list my assets or are they the LLC's Assets and i can just ignore?
Since these LLCs are flow-thru entities, we still need to consider the bookkeeping and accounting work and CPA fees for each, am I correct? Would the WY Holding LLC be also the same one tp holds cash and assets that have no liabilities like stocks, ETFs, or when should we consider a different WY LLC? Should my living trust, the same SSN as me, be the 100% member of WY Holding LLC or when should I be the managing member of the LLC instead of the trust?
@@ClintCoons Hi Clint, are suggesting 2 WY LLCs, one as a holding LLC for RE as sole member in other LLCs that invest in RE, and an addional WY LLC that holds cash etc? Would these WY LLCs in turn be owned by my living trust? Or what structure do you suggest to include the living trust in the mix. Thanks!
I fear my tax preparer would get lost in the details and end up revealing my identity after all. Are you accepting new clients for business and personal tax preparation, and to properly set up my holding company's LLC?
Real Estate Asset Protection I have 3 rentals, when I called the banks to ask if I could change the name into a Llc, they said that that wasn’t allowed.
@@comarlopez That is typical. This is one of those issues in life that if you want protection you move the property knowing the bank could accelerate if they elected but in my experience, this never happens. Banks are in the business of loaning money not owning property. If you ask they must tell you no because your Freddie/Fannie loan is a residential loan and does not qualify for LLC ownership.
@@ClintCoons Easy. they bring an action because you just violated your note by transferring the property without their permission. You have to register any transfer, and the bank will immediately by alerted as the lien holder. Stop playing with fire, if you want an LLC form it BEFORE you take title, and take title in the LLC, and get a loan from a commercial or portfolio lender at a higher rate, and stop trying to mislead the bank as to your intentions.This will happen when rates are heading up because they want the low interest mortgage off their books. Duh.
If I already have a Series LLC for my business but want to branch out in to different ventures like Real Estate and keep me being anonymous can I create a Subsidiary Cell LLC with it's own name and Function although I created my Umbrella Series LLC first?
Great Video Clint. So If you do close in your personal name, will our personal name become public at the county recorders office? Wouldn't this defeat the purpose of transferring later into a WY Holding LLC that provides anonymity? Thank you!
Yes you will be in the chain of title but you will not be on title after you move the property to a land trust or LLC. Do not place the property into the holding LLC.
wrong. if you take a fannie or freddy tradtitional loan and buy property in your own name, and think you can dump it into an llc after closing, and you dont get the bank's permission, ( they will not give you permission, by the way) you will be surprised that the bank will call and foreclose your loan. You will either have to refinance at that point or pay off the mortgage, or bank will sell the property in foreclosure. You have violated the terms of the mortgage.
Interesting. This blanket statement does not encompass all mortgages. For example, Fannie Mae's policy is any loan secured after June 1, 2016, does not require the investor to occupy the home for it to be exempt from the due-on-sale clause and a transfer to an LLC does not violate the due on sale clause. Here is a link to there servicing guide (servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-D-Providing-Solutions-to-a-Borrower/Subpart-D1-Assisting-the-Borrower-with-Property-Related/Chapter-D1-4-Transfers-of-Ownership/Section-D1-4-1-Information-Relating-to-Transfers-of-Owner/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer/1041300841/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer-11-08-2017.htm?touchpoint=guide) I have worked with investors for over 20 years with more than 30k or more transfers into LLCs, including my own real estate, I have never seen or heard of a lender accelerating a note. This is not to imply it does not happen but in my experience, it typically occurs when the borrower fails to perform some obligation under the note e.g., pay the mortgage, insure the property, pay the taxes.
“You can’t sue what you can’t see”? Don’t you have to be able to be served in the even of a suit? I’ve always thought the courts would find you if they need to.
Can I have one holding LLC in Wyoming, with LLCs that fall under that holding LLC, that perform different functions? Such as, one “sub” LLC for buy and hold, one for flipping, and one for commercial buy and hold? Or would the sub LLCs, all have to perform only one similar function, to be housed under the single holding LLC in WY?
I understand you are helpful with the in and outs of LLC’s and the reasons to set them up. Is it easier to secure financing (other entity/people’s money) as president of an LLC for commercial property opposed to trying to get financing as an individual? Please tell, you make videos very easy to understand!
Hi Clint, thanks for all the great info that you share in your videos. I am interested in getting into real estate investing and I’m very new to this. I currently reside in TX and wish to purchase properties in IL (where I’m from). How do I go about setting up my LLC? I understand setting up the initial one in DE ( because I want to invest in commercial property) but I don’t understand who’s name and address info is being provided on the initial Manager Managed LLC in DE?
I think you should set up a strategy session with someone from my office. There is a lot to unpack with what you are planning. For example in IL you may want to consider using a land trust with an LLC or possibly a series LLC. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession
Schedule a complimentary consultation with our experts today! Sign up here: aba.link/e03b53
Clint makes it as easy as 1, 2, 3.
Step 1: Set up your Holding Company LLC (Anan LLC)
Step 2: Set up your Property Owner Company LLC (POC LLC) which is owned and operated by your Anan LLC
Step 3: Make all taxes and fees pass through your POC LLC to your Anan LLC
Step 4: Go buy property in the name of your POC LLC
It's easy until you actually see the fields you are required to fill out (names and addresses) to register the property LLCs.
Go check it out, start the registration and see how you can get around not providing your name (first and last) and address (principle place of business in state).
@@DavidGalan777 that's exactly i was thinking how to avoid not putting your own first and last name and address. He did not share that trick.
@@florencereinvestor6015 You have to have a lawyer fill out the forms for you. I don't know how my lawyer did but they did.
@@florencereinvestor6015 the lawyers info shows there not your first and last name. Basically the firms info is in there
This was great! The more that I read/watch, the more that I understand things. I am aspiring to be a real estate investor here in Illinois/Chicago.
Your content has been extremely helpful in learning about how to setup my real estate business. I certainly plan to reach out to you or your firm based on the awesome content you provide on this channel.
Did you get their services and your experience please?
Anonymity is power!!
i can't believe you managed to cover umbrella LLCs in ~ 2 minutes. subbed
This is great content as always, Clint! One question I have is why must the property holding LLC be member managed as opposed to manager managed? Does having it manager managed cause issues with anonymity?
Yes it does. When the LLC is member managed you only list the WY LLC on the state filing.
WOW! one day I learned so much and became knowledgable about LLC. Never thought of these before. My only concern, I already set up an LLC where it says I am the Organizer and agent so how it will affect me to set up on any new ones? Can you help me with that? It is so nice of Clint Coon to share this information especially single mothers like me trying to get into the rental business. Nice and a very good looking guy too. Sorry, can't help, he is very handsome & his name kinda likes the movie star, Clint Eastwood. But he is much more handsome than the movie star. Looking forward to his channel more. Thanks for your kind help! Florence
Florence the fact you set up an LLC where you are listed as the organizer will not impact your future LLCs provided you do not set them up in the same manner. Yes we can assist with your LLCs. Your movie star comment cracked me up. :)
My 1st property become a rental located in Illinois and I live now in Texas tried to create an LLC for that property in Illinois but it requires the applicant to be a resident of the state (illinois) but I don't live there anymore.
Geogre we can help with setting up an IL LLC
Didnt you say that a Member managed LLC is a big no no? and you recommended it be a manager managed
Typically, but it depends on the situation and how you are structuring the overall business.
Thank you for the detailed info, as always.
Question: when you mentioned buying properties in various states and creating an LLC in those states…can you create the LLC in WY or DE and then register it in each state you buy properties in? Or do you need to create the LLC in those states? Thank you!
You can but it will increase your overall costs because you will need to pay 2 state filing fees. There is a misconception that having a WY LLC conducting business in another state will give you greater protections. The benefits of using a WY LLC only apply when the company is not registered outside of WY. Hence, why I typically recommend using the state specific LLCs held by the WY LLC.
I want to buy my first investment property out of town. I want to do it in an LLC. I don't want to transfer it from my name into an LLC. I'd rather buy it in an LLC. .
I think the missing piece to this wonderful information is that in order to successfully accomplish this technique is to either be or utilize a proper lawyer. Otherwise you will be forced to use your own name and address eventually in the process...right?
Does the holding LLC owns a property, Then it owns the other real estate companies right?
Clint, I want to say thank you for creating these helpful videos. My question to you is, I already have the member managed LLC in Texas and I was wondering if it is still possible to created the (holding company LLC) manager managed LLC or what should I do in this case?
Yes you can but you will be in the chain of control if someone were to look up your business. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Watched your video wherein you stated CA LLC should be member-managed LLC with the Wyoming/Delaware LLC should be manager managed. How does that structure comply with the California Office of Tax Appeals ruling in
the Matter of the Appeal of: WRIGHT CAPITAL HOLDINGS LLC, 2019-OTA-219P, 08/21/201. In that ruling the determining factor was the control the out-of-state LLC had in the management of the California LLC. The
out-of-state LLC failed to show that it was not a managing member of the California LLC.
All LLCs will be subject to the $800 franchise tax. If you want to avoid it consider using a Wyoming Statutory Trust in lieu of LLC. WST are not subject to the franchise tax.
If you’re not able to setup the LLC before you sign the contract, you can always sign under your name, but as follows: “John Smith, as nominee for an entity to be formed.”
Correct or I like to use "and or designated entity"
Since residents were formerly known by the neighbors as the owners prior to transferring title to the Trust, how much recourse do potential plaintiffs have after discovering that the residents are no longer the legal owners? I would think that they would know who the underlying owner is.
Depends on how much the other party is willing to dig.
My father is giving me a property in disrepair. 3 unit. How should that be structured? I will take loan to make major repairs once I take ownership. How should I make the transaction? Personal, through the LLc? Tremendous thanks!!!
Personal then obtain your loan. After you have the loan move the property into an LLC.
@@ClintCoons thank you Clint! That makes a lot of sence, even helps the loan rate/process. Thank you!!
@@estimatingonediscoveringthree You are welcome
@@ClintCoons spent last night vetting this approach, wow, thanks! Lol. Now I’m talking to the lenders to see who will allow me to transfer to LLc after the loan
Thank you
@@estimatingonediscoveringthree Great.
Member Managed, Manager Managed or BOTH ?
When i registered the WY Holding LLC. I had the option to choose Manager Managed. Where I type my name as the "Manager". Then I had a section where it asked for member information and how many members. Do I also type my name here as member?
In the WY Holding LLC - Can i have my name in Manager Manged and also in the Member Managed section ?
Hi Clint, your videos are a must for every real estate investor. In the dwelling policy each property, best to have the LLC as the insured or the the owners are the insured with the LLC as the additional insured?
In this environment I would name the LLC as the additional if you are concerned about the due on sale clause. Check with your insurer to make sure the coverage is the same.
Ok. Thanks. The bank had no issues. They did the deed change themselves for a fee and asked that I add the LLC to the insurance . So in this case, do I them remove my name from the landlord insurance and let the named insured be only the LLC?
@@MaryHenry-i5n I would keep yourself as an additional insured for extra protection.
I think you just got yourself another client sir.
Thanks
On a free and clear investment property, is there a way to have a trusted source record a mortgage on your property for protection purposes? Could you have the satisfaction of mortgage already signed and unrecorded to be able to clear the lien when needed? I was told this is a great way to relinquish equity in a property on paper. Just trying to figure out how to structure it. A video would be nice if this is a legal common method.
Saw that the other video answered this question.
We need some inputs from you how to transfer our property to LLC
GREAT EXPLAINATION! Thank you for sharing.
Very thoughtful and detailed.
I am Maryland and have two properties and want to set up LLC . Want your 45 minutes session in coming week please tell me the time suit you ..
how much it will cost me .
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
For residential RE, I’ve always heard that deeding the property into an LLC after closing runs the risk of triggering the Due On Sale clause in the mortgage. Is that not a concern?
In my experience acceleration only occurs when a mortgage falls behind, insurance is not paid, or taxes are ignored. Remember, banks are in the business of loan money not owning real estate. A bank does not want to accelerate because it does not look good on their books. If it concerns you then consider using a land trust to minimize the risk.
Hi Clint. How does it work for the "When" if you have obtained short-term, ( seller financed residential property with underlying mortgage, Real Estate Contract?) - When would you setup the LLC and where? Thank you.
I would set up the LLC to take title or move the property into the LLC after you have title. The LLC would be located in the state where the property is located. If you want anonymity then the state specific LLC would be member managed by a Wyoming LLC.
I understand that part, but the question is do you have to still create a foreign filing in the state that you are in to have your holding company you create in WI or NV to be the owner of the member managed LLC that you create in your state? No one is talking about that either...😕 This is a yes or no question that no one seems to answer. 🙁
MGTOW: The Joker (Stand Ur Ground, Thou Shall Change The Game!) You might be better served actually calling them directly versus asking a very legal advice type question online. No one is going to give that level of specific advice online at least not any content creators. Hope that helps
Lol!! Makes since Clint... The funny part about this is that it as very common knowledge. The reason why everyone is confused on how to set up a simple corporate structure is because of people like you. Vague vague vague! Please get Clint off of TH-cam so Anderson Advisors can stop milking money out of people. Anonymity, series LLC’s, member managed, manager managed! Lmao this guy is literally trying to get you to call his firm based on common sense information so he can charge you attorney fees for something you can do yourself. What a scam. Everyone that said this was good information is a rookie that is being sadly persuaded into thinking you need a law firm to do your structure. You don’t know what you don’t know. So do some real research and realize that this marketing ploy is FOS!
@@dm7175 If it was common sense no one would be watching. Information is power. Clint provides a lot of information for no cost. You don't need a lawyer to set up an LLC but if you want it done right and have it be defensible upon receipt of a lawsuit, you do it with a lawyer. I prefer a lawyer who is not only familiar with real estate investing but one who is an investor themselves. Thanks for sharing, Clint.
What is the number of acres to be classified as commercial land?
No sure
Thanks once again. Ur a fountain of knowledge for one that truly listens
Thanks for watching.
At 3.3M and 24K rent, no one will buy it. It’s not even meeting 1% rule. Unlike when you bought it you had an upside in rent. The new buyer at $3.3K would have to rent it at $1100 per unit.
Also, 12% maintenance is not very realistic. 32 units will need way more $3500 in repairs. You need capes. You also have to spend on turnover. That alone can eat your increase in rent. Also, what heating to they use and who pays for them?
Hey Clint, quick question about your last example: If I own a CA investment SFR property and have a disregarded WY LLC holding co. (manager-managed), can I place the property in an LT or even acquire the property in a LT owned by a member-managed WY LLC, with its manager being a CA C-Corp? Thanks!
I would consider using a Wyoming Statutory Trust for the property to avoid the $800. You could make your WY LLC the trustee of the WST for anonymity.
Your contents are very helpful. Thanks for making such valuable videos. For a residential RE (passive) investor (California resident), what type of LLC/trust setup you would recommend - for asset protection, investing in multiple out-of-state. Also why WY over Nevada? Don't we get the same anonymity benefits in Nevada?
How to avoid creating LLCs in each state (because California registration fees are crazy)?
I would use a Wyoming Statutory Trust with a WY LLC as the trustee. This will eliminate the CA franchise fee on your real estate holding WST vehicles. I prefer WY because you do not need to use a nominee manager on your LLC to obtain anonymity. Check out some of my other videos on the difference between Wyoming, Nevada and DE or Best structure for California investors.
@@ClintCoons Thanks. if using Wyoming Statutory Trust to buy properties in another state (say OK, FL etc), won't we have issues when it comes to tenant eviction etc. I remember you discussed about this scenario, where ppl setup LLC in Nevada and own properties in another state and end up having such issues. won't this applicable to Wyoming Statutory Trust owned out-of-state properties as well?
@@gokullu No because the states recognize the trust as a business trust.
@@ClintCoons Interesting. and the business trust do not need to register in each state and do not incur yearly fees (especially in California)?
btw, scheduled a strategy session with you guys. looking forward.
@@gokullu They trust may need to register depending on the state and if it does then you may have a yearly fee. In CA you will not be subject to the $800 franchise fee.
Clint how can I structure my wholesale LLC?
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Just wanted a refresher course. Thank you sir! 🇺🇸💎🖐
👍
If I'm new and have an interest in building and getting business credit card as well as loan from a local community lender who does portfolio and investment loans then I shouldn't operate as an anonymous entity correct? Becuz they r likely not gonna either gimme the loan and or biz credit? This is a place I'm stuck. I'm new to re investing and not sure how n what entity to set up n purchase in. Like what if I intend to fix n flip but then I end up wanting to keep n rent it out? I may have to be not be anonymous just to get started in order to build relationship with the lender for loans n credit right?
Correct
this is great info! I just created my LLC I have a question, do I need to make quarterly payments for my LLC?? of course I don't know how much income I'll be making. will start with flips!
This will depend on how your LLC is treated for tax purposes. If it is a corporation then eventually you may depending on your income. Initially you do not need to concern yourself with quarterly payments until you begin making money.
How difficult would it be to transfer ownership of a Florida LLC from myself to a Wyoming LLC?
Assignment of interest is all you need. Very simple, however, if your FL LLC is taxed as an S-Corporation then you need to consult a CPA or attorney before performing such a move.
Hi Clint, thanks for the content. If I live and have an LLC in California, but also work and do transactions deals in other states such as New York, Florida, Ohio, Texas and Kansas. Does that mean I need to get an LLC for each of those states as well, a total of 5 more LLC. Or will my California LLC suffice for those 5 states I just mentioned?
You can use your CA LLC in those states and just register it to conduct business as a foreign LLC.
Even if the properties are in those other states? I thought you said they need to be registered n the state where the properties are located?
@@erinparsley Foreign filing is the same as setting up an LLC in the state.
With the same ability to evict tenants if necessary?
@@erinparsley Yes. - sorry for the delayed response.
Awesome info
Glad you liked it
It seems the type of state is important to know if a holding(buffer) llc is necessary. I am looking to own Real estate in NJ. What type of state would you classify that as?
Not a strong state but if you are buying in NJ you will need a NJ LLC.
What do you mean in terms of a strong or weak state? How much protection will a LLC in NJ make over personal owning of rental properties? Especially with this pierce the veil law over here in NJ
@@amitroy3878 The NJ LLC will protect you from claims made against the property. Piercing the veil is not easily granted so I would not let that deter you from setting up an LLC
Should each commercial property be a separate LLC or is it ok to have one LCC own several properties in that state?
Definitely separate. Also the lender will most likely require you establish a separate LLC for the commercial property.
For the member managed llc, do you have to get a new ein if you already have one?
If an LLC already has an EIN you do not need to obtain a new one if you change its member
I thought if you wanted anonymity. You set up an LLC in Wyoming. Then your next property put in whatever state it is. Then your first Wyoming LLC will the owner of all.
Yes that is correct.
My first property I'd like to buy it up North, but my LLC is in Wyoming.This will be my holding LLC. I plan to buy more properties down south where I live. That's where I will put those in the states there in. The property with the Wyoming will be the owner of the properties down south.
@@stanmoney8470 Correct. Create a new LLC for each property and the new LLC will be member managed by the Wyoming LLC.
@@ClintCoons one more question when I purchase the property,do I purchase it in the LLC of the state? Not the Wyoming name right? Which business checking will I use the Wyoming or the state it's in?
@@stanmoney8470 correct
Who would be the members of the Anon LLC? Would that be the husband & wife or the Living Trust?
Living trust.
Then, should I start with the Living Trust first? Then, the WY LLC as the holding company? Then, the in-state LLC/LP for each property and the Land Trusts, right? Who should own my cash, stocks, and bonds? The Living Trust or the holding company?
@Clint, I'm wondering if you can confirm this strategy. Thanks
for short term rental property do you still recommend the same method of Holding LLC, and LLC for property?
yes
who are you??? hahaha this is gold! Thank you so much
Thanks for watching
Can you do a cash out refinance under an LLC? Or should you do that first then deed the property to an LLC?
If it is residential then complete the refi before you move into the LLC
@@ClintCoons Awesome!! You have great wisdom!!
I need a strategy session!
You can request one here
- aba.link/30minSession
Would it be wise to use the Trustee LLC also as the Manager of the Anon WY LLC? Or maybe it's not necessary because it's anonymous.
Too complicated
Who should be the manager then?
Great information, definitely would like join free workshop
Great! I will post a link next week for our workshop on August 8.
@@ClintCoons Looking forward
If you are going to buy a BRRRR house with CASH in a LLC, can you refinance it in the LLC?
For those who read my response the BRRRR method is Buy, Rehab, Rent, Refinance, Repeat. If you acquire the property for cash and want to refi in the LLC you will need to work with a community lender. A traditional broker will ask you to pull the property out of the LLC. I suggest you develop a relationship with a community bank to assist with your future refi.
@@ClintCoons What examples of community banks?
@@terrycrawford6740 It is a regional bank. Google the term for your location.
What about when it comes time to file your taxes? Will you pay alot more using this strategy?
Not at all. The holding entity is a pass-through entity that does not file a tax return.
@@ClintCoons Sounds good. I'm actually looking to have a sit down with a good CPA in my area that can help me and walk me thru starting an LLC and possibly and estate and will and whom I can trust and file my taxes with every year. Do you know of someone in Rhode Island or recommend someone who can help me? My current tax preparer isn't much help
@@cbass2112 WY does not collect names so you are not listed.
@@cbass2112 Correct it will cost you some $ but what is this compared to what a lawsuit could cost you $$$$$. Don't trip over pennies on your way to dollars.
whats better umberlla insurance or llc
Use both. :)
Subscribed with Notifications! Thanks Clint.
Greetings, if I’m interested in buying raw land and holding it for investment for at least a year, would you advise getting an LLC set before the purchase? Thank you for your time and information.
Yes so you can take title in the name of the LLC. If you are buying raw land have you checked out my colleague Seth Williams at retipster.com? He has a lot of info on land investing.
@@ClintCoons Thank you so much for the quick reply and advice. I’m checking out Seth Williams today....great tip.
Great video! So my Wyoming LLC should be a member managed & own my manager managed Texas LLC (where the properties are).
Just the opposite
Thanks!
Thanks you so much. Quick scenario. I’m buying single family homes & renting them out.
My Wyoming LLC will be manager managed, it will own my Texas LLC which will be member managed. So when I purchase real estate do I use my Texas LLC and then deed them to
my Wyoming LLC?
@@richardrivera7317 The TX LLC will own the property.
Real Estate Asset Protection thanks so much. So the only thing that my Wyoming LLC will own is the different Texas LLC’s? Sorry for all the questions. I’m new at this & don’t want to make a big mistake.
Thanks so a question, someone hires a PI, hacks your pc whatever, finds your solicitors, his friend's son does an apprenticeship at asset protection law firm... whatever it is. PI now has info about Manager Managed Anon LLC and presents a case for suing. Your theory of "you cannot sue what you cannot see" is now exposed, where do you go from here? Russians for example can do anything they want as history teaches us. Apart from reporting an information burglary at your office Clint. I just want to cover all bases, your comments please.
Not sure what I can say about your hypothetical. Anything is possible but what is probable is how I look at things so ask yourself if you don't do it what is the risk to your assets.
I luv this information
thanks.
when i set up my wyoming llc and need to file for the ein, as the manager of the wyoming llc and the wyoming llc is the member, what info am I placing on the EIN application? Is it the wyoming registered agent info? do i file as a third party? I have registered a wyoming manager managed llc and I am the manager. now I need to file the member managed llc in my state. is the physical address the wyoming llc? I am signing as the manager with my SS#? Thanks
Geneva you will want to speak with your CPA on how to file for this entity.
Is it to late if you skipped the first step??
It is if you want anonymity. Did you watch my latest TH-cam live video on anonymity? I explain how you can provide a patch for an existing LLC
AND....What happens when you get a corporate bank account?
Not sure what you mean by your question.
When the Wyoming LLC is set up with A.T., after it is taken over by the owner, is the person still anonymous once they open a corporate bank account?
@@g-money7979 Yes because this is not public information.
Very helpful! Thank you
You're welcome!
Hi Clint,
Do you provide consultation according to Indian laws as well? I need to invest in Canada as well as in India and I’m an Indian by origin.
We do not
Much Appreciate your prompt response. Learning a lot from your videos.
This is excellent!!!
Thanks
What about due on sale clause when I transfer title to LLC
It depends on the lender. Portfolio lenders, Freddie Mac allow for assignments to LLCs whereas Fannie reserves the right to accelerate. Thus, it could happen if your lender so desired but in my experience lenders are in the business of loaning money not owning property.
@@ClintCoons thank you, should be a good idea to ask each lender if they let me. Thanks for getting back to me.
@@bienesraicesymasconcristina You could ask beforehand. A lot of investors just transfer the property into the LLC or use a land trust as the title-holding entity. In 20 years of practice, I am only aware of a handful of cases where a lender accelerated and it typically dealt with the loan falling into default for non-payment.
@@ClintCoons ok, thanks for your info, I started two years ago investing and now that is more than one property I want to make sure I protect everything and that I understand all these that you mentioned. I will watch your other videos. Thank you!..keep posting knowledge
Great info !!
Glad it was helpful!
Great explanations
Glad you think so!
Great video 👍👍
Thank you 👍
Can I set up an anonymity LLC in NY?
Yes but if you are going to place property into the LLC you will lose it because NY requires you disclose your information on the property transfer.
Is this why it's beneficial to have a Land Trust in between so only the identity (Trustee and Trust Name) of the Land Trust is disclosed? The Beneficiary LLC is not on record.
@@terrycrawford6740 Correct
Can a "member managed" LLC be a single-member LLC?
Don't quote me on this because I'm not an attorney, but as per my understanding yes, as long as you set up your operating agreement to be member-managed. That's my understanding. If not someone can correct me on that.
Yes it can and this is how you build anonymity with a WY holding LLC
With respect I asked you to I understand I hold 6 benificeary my dreams first time 5 stars hotel buy 2nd time buy high raise rental building better position Which time with contact me every time I look after thank goodness Amen
Do you have services to help set up client LLC?
Yes we do. Have you watched my videos on Series LLCs?
Real Estate Asset Protection I’m watching them now. I just came across you page this morning. Great content! Learning a lot!!
Can you please send me your contact information? I want to get everything setup properly. Thank you and I’m loving the content on your channel.
@@EllieMarie1616 Elizabeth contact Deborah Lewis at dlewis@andersonadvisors.com to set up a strategy session.
Real Estate Asset Protection awesome! Thank you
sounds cumbersome and limited to the very rich to do
WRONG INFO!! Single-family homes, multi-families, apartment buildings, condos, co-ops are all residential. (the tax code classifies any property in which 80% or more of the gross income comes from dwelling units as residential, so many mixed-use properties can be classified as residential for tax purposes.)
I think you missed my point. I am talking about lending and how lenders look at real estate, not taxation.
Does that depend on what state the property is purchased in?
@@pamlogan6920 federal tax code applies regardless of state.
@@aryaputra001 I better take a tax class.
@@pamlogan6920 Pam this video is about working with borrowers i.e., the borrower will classify a loan for purposes of financing and where and how to set up your LLC. Nikhil response does not apply in this context. If you are looking to obtain a loan on a 6 plex your lender will classify it as a commercial loan and different lending standards will apply. Further, I know this can be confusing but for purposes of this video, taxation is not discussed.
What about due on sales claus
I purchase homes in preforeclosure often and I assume the underlying loan by paying the arrears due on the mortgage and then continue to pay the mortgage monthly. I take title through a simple quit claim deed after checking chain of title. In 30 years of doing this I have never had a lender exercise the Due on Sale Clause. Just make the payments on time and the lender will not care who is on title. They still have 1st position on the property regardless until they are paid off.
@@dominicgerodano5481 Wow!! Thank u sooooo much! Do u register title in ur name_/ or an LLC?
This is so fastinating! Can I give u my email so we can talk? I promise not to take up much of ur time....
@@taylorsara1237 sure send me your email
@@dominicgerodano5481
Thank u sooo much!
Its. asktaylorsara2009@yahoo.com
Amazing info
Real property not held by the holding company? set up lease with operating llc that indemnifies the holding company?
Quick question, once you deed the reisidental property into the LLC, can you then refinance the property? or should refinance before you deed the property? thank you.
Great question. Refi before you transfer.
Thank you.
Does property hidden by WY LLC's still pop up on my credit report?............Say I apply for something and they ask for my list of assets, do i have to list my assets or are they the LLC's Assets and i can just ignore?
Yes it does if it has a mortgage.
Since these LLCs are flow-thru entities, we still need to consider the bookkeeping and accounting work and CPA fees for each, am I correct?
Would the WY Holding LLC be also the same one tp holds cash and assets that have no liabilities like stocks, ETFs, or when should we consider a different WY LLC?
Should my living trust, the same SSN as me, be the 100% member of WY Holding LLC or when should I be the managing member of the LLC instead of the trust?
Yes each LLC needs to account for its own income and expenses. I prefer to use a separate WY LLC to hold cash and brokerage account.
@@ClintCoons Hi Clint, are suggesting 2 WY LLCs, one as a holding LLC for RE as sole member in other LLCs that invest in RE, and an addional WY LLC that holds cash etc? Would these WY LLCs in turn be owned by my living trust? Or what structure do you suggest to include the living trust in the mix. Thanks!
I fear my tax preparer would get lost in the details and end up revealing my identity after all. Are you accepting new clients for business and personal tax preparation, and to properly set up my holding company's LLC?
Yes. If you would like a FREE 30-minute consultation to discuss, you can request one here
- aba.link/30minSession
How do you get a Wyoming property address to set up LLC if you reside in a different State?
We provide one for our clients.
Can you get an UPS physical address in the state that would provide you with a box # for you mail??
What do you do when banks don’t allow you to deed the property to the llc?
How would a bank stop you from deeding a property?
Real Estate Asset Protection I have 3 rentals, when I called the banks to ask if I could change the name into a Llc, they said that that wasn’t allowed.
@@comarlopez That is typical. This is one of those issues in life that if you want protection you move the property knowing the bank could accelerate if they elected but in my experience, this never happens. Banks are in the business of loaning money not owning property. If you ask they must tell you no because your Freddie/Fannie loan is a residential loan and does not qualify for LLC ownership.
@@ClintCoons Easy. they bring an action because you just violated your note by transferring the property without their permission. You have to register any transfer, and the bank will immediately by alerted as the lien holder. Stop playing with fire, if you want an LLC form it BEFORE you take title, and take title in the LLC, and get a loan from a commercial or portfolio lender at a higher rate, and stop trying to mislead the bank as to your intentions.This will happen when rates are heading up because they want the low interest mortgage off their books. Duh.
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If I already have a Series LLC for my business but want to branch out in to different ventures like Real Estate and keep me being anonymous can I create a Subsidiary Cell LLC with it's own name and Function although I created my Umbrella Series LLC first?
Yes but if the current business in not real estate related I would error on the side of setting up a new Series LLC for the real estate.
@@ClintCoonsok thank you that makes a lot of sense! Thanks much that I will do!
Great Video Clint. So If you do close in your personal name, will our personal name become public at the county recorders office? Wouldn't this defeat the purpose of transferring later into a WY Holding LLC that provides anonymity? Thank you!
Yes you will be in the chain of title but you will not be on title after you move the property to a land trust or LLC. Do not place the property into the holding LLC.
excellent
Many many thanks
wrong. if you take a fannie or freddy tradtitional loan and buy property in your own name, and think you can dump it into an llc after closing, and you dont get the bank's permission, ( they will not give you permission, by the way) you will be surprised that the bank will call and foreclose your loan. You will either have to refinance at that point or pay off the mortgage, or bank will sell the property in foreclosure. You have violated the terms of the mortgage.
Interesting. This blanket statement does not encompass all mortgages. For example, Fannie Mae's policy is any loan secured after June 1, 2016, does not require the investor to occupy the home for it to be exempt from the due-on-sale clause and a transfer to an LLC does not violate the due on sale clause. Here is a link to there servicing guide (servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-D-Providing-Solutions-to-a-Borrower/Subpart-D1-Assisting-the-Borrower-with-Property-Related/Chapter-D1-4-Transfers-of-Ownership/Section-D1-4-1-Information-Relating-to-Transfers-of-Owner/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer/1041300841/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer-11-08-2017.htm?touchpoint=guide)
I have worked with investors for over 20 years with more than 30k or more transfers into LLCs, including my own real estate, I have never seen or heard of a lender accelerating a note. This is not to imply it does not happen but in my experience, it typically occurs when the borrower fails to perform some obligation under the note e.g., pay the mortgage, insure the property, pay the taxes.
9:00 Who do we designate as the Manager for the in-state member-managed LLC?
In a member managed LLC the manger is the member.
“You can’t sue what you can’t see”? Don’t you have to be able to be served in the even of a suit? I’ve always thought the courts would find you if they need to.
Eventually they can get service but the strategy here is the less a creditor knows about your assets the less likely they are to come after them.
Does it matter if the Anon LLC is member-managed or manager-managed? Wouldn't it be anonymous either way?
Does not matter.
Can I have one holding LLC in Wyoming, with LLCs that fall under that holding LLC, that perform different functions? Such as, one “sub” LLC for buy and hold, one for flipping, and one for commercial buy and hold? Or would the sub LLCs, all have to perform only one similar function, to be housed under the single holding LLC in WY?
The subs can perform different functions.
Thank you for creating this informative content. Where can I reach you for 1:1?
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
I understand you are helpful with the in and outs of LLC’s and the reasons to set them up.
Is it easier to secure financing (other entity/people’s money) as president of an LLC for commercial property opposed to trying to get financing as an individual?
Please tell, you make videos very easy to understand!
Do I need to create a new llc for every state I buy commercial property in?
Absolutely.
Hi Clint, thanks for all the great info that you share in your videos.
I am interested in getting into real estate investing and I’m very new to this. I currently reside in TX and wish to purchase properties in IL (where I’m from). How do I go about setting up my LLC?
I understand setting up the initial one in DE ( because I want to invest in commercial property) but I don’t understand who’s name and address info is being provided on the initial Manager Managed LLC in DE?
I think you should set up a strategy session with someone from my office. There is a lot to unpack with what you are planning. For example in IL you may want to consider using a land trust with an LLC or possibly a series LLC. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
Hi I am interested in setting up an Llc and I am interested for your services.
Great. Please schedule a FREE 30-minute consultation to discuss, you can request one here
- aba.link/30minSession
Always fantastic!