This is incredible information! Right before I found this video, I had an accountant say the same thing about 100x faster over the phone and it was a little difficult to follow - so I came to YT to see if I could find some clarification. THANK YOU for laying it out for us!!
If you are married, one spouse can buy the property under their name and create a lease to rent the property for RAL purpose. And RAL business could go under the LLC where the other spouse is the single owner.
Same structure, if my dad and I own the property, but have a master lease agreement with the RAL business operator? (We would be the 3rd party leasing out, to that RAL operator).
You mentioned the possibility of using your name in other states. When is it too late to have your name and other intellectual property moved to a separate llc or trust? You made it sound like those were in the operating business. Would they get moves to the building llc or a separate upstream llc?
I am not sure I understand what you mean by "Name".. If you do not want your name associated with an LLC then you must begin with a WY LLC then establish the state-specific LLC. If your name is already attached to an LLC then it is to late to unring the bell.
Great info, thank you. A quick question. Isn’t the purpose of the RAL LLC to protect you personally? Why the need for more protection for the asset (house itself)?
If the RAL business is sued and it owns the house then you lose the business and the house. Wouldn't you rather only risk the business and keep the house? The purpose of the LLC is to protect the property from the RAL business.
if one has a series LLC with long term rental income properties, would it be fine to open a new series cell and purchase the properties for RAL and not have to open new LLC's? (basically having both long term rental income properties and RAL properties all under the same parent LLC?
Great information. Should the LLC's you create for the properties be established in Wyoming or can they be established in the State where the RAL will be?
Thanks, Clint! Do you recommend a similar structure for a travel and real estate business that does corporate leasing, wholesaling, and traditional real estate investing? Should the acquired real estate be placed in their own LLCs and corporate leasing, wholesaling be run out of a separate corp? I took the tax and asset protection course last week. I need to call to setup a consult.
For holding the property yes but the business would be separate. You would not want the ownership of the facility to be associated back to the property I.e., the same owner.
@@RealLittleGiant Depending on the equity you may want to sell it to an entity you create to capture your 121 cap gain. This will also increase your tax basis for depreciation. Great way to reduce your taxes. Make sure you consult with a professional on this strategy.
@@RealLittleGiant This is exactly my personal situation. The primary home I'm living in, which is in my name, I want to turn into an RAL. I'll consult a professional as he suggested to learn all the details.
Do you have to pay your employees out of your money or does the government Pat the caregivers? That’s one of my main questions. And how many caregivers or nurses would you recommend for a home with 10 elderly occupants ?
I have a question I am new to this and I’m trying to start a Residential assisted living I’m applying for my LLC should I put my name and put Assisted living on it as well ?
Great info 👍 couple of question? Can both of these entities be set up as and series LLC and tax as an S corp. If so, does setting it up in Wyoming cause any problems if you do any kind of refinance ( cash out) to the property....... Thanks in advance for your help!!!!!
Are you owning property in WY? If not then you should not use a WY series LLC. Yes a series can pose refi issues and with the type of liability associated with RAL I would avoid using a series.
The properties can be in trusts owned by LLCs or directly in the LLC. The business is run through a separate entity that leases the property from the LLC/Trust.
I do not appreciate how he vilified caregivers from the start. If you are looking to start a RAL business know that your greatest asset ARE the caregivers. THEY are providing your most marketable services. When they are properly vetted, adequately supported and compensated you won't have to worry about them doing "something wrong".
@TheMoxie I don’t think he necessarily meant to vilify the caregivers. Wrong doing could be unintentional, but lawyers may not care about that when they help families and residents file lawsuits.
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: 👉 aba.link/huc
This is incredible information! Right before I found this video, I had an accountant say the same thing about 100x faster over the phone and it was a little difficult to follow - so I came to YT to see if I could find some clarification. THANK YOU for laying it out for us!!
Glad it was helpful!
I just submitted my information for the 30 minute session and I also downloaded the e-book about being the invisible investor.
Absolutely loved this. Thank you sir.
Very useful information
Glad you liked it
Great information Clint...Thank you
If you are married, one spouse can buy the property under their name and create a lease to rent the property for RAL purpose. And RAL business could go under the LLC where the other spouse is the single owner.
Yes you can
Same structure, if my dad and I own the property, but have a master lease agreement with the RAL business operator? (We would be the 3rd party leasing out, to that RAL operator).
Yes
You mentioned the possibility of using your name in other states. When is it too late to have your name and other intellectual property moved to a separate llc or trust? You made it sound like those were in the operating business. Would they get moves to the building llc or a separate upstream llc?
I am not sure I understand what you mean by "Name".. If you do not want your name associated with an LLC then you must begin with a WY LLC then establish the state-specific LLC. If your name is already attached to an LLC then it is to late to unring the bell.
Great info, thank you. A quick question. Isn’t the purpose of the RAL LLC to protect you personally? Why the need for more protection for the asset (house itself)?
If the RAL business is sued and it owns the house then you lose the business and the house. Wouldn't you rather only risk the business and keep the house? The purpose of the LLC is to protect the property from the RAL business.
Thanks for the Information
Always welcome
What if i wanna incorporate an RAL strategy following a family opportunity mortgage to purchase a property for my father to live in as my tenant?
What is your overall objective?
if one has a series LLC with long term rental income properties, would it be fine to open a new series cell and purchase the properties for RAL and not have to open new LLC's? (basically having both long term rental income properties and RAL properties all under the same parent LLC?
You could but with the high risk associated with RAL you might want to set up separate LLCs.
Great information. Should the LLC's you create for the properties be established in Wyoming or can they be established in the State where the RAL will be?
The LLC should be in the state where the property is located. The LLC will be owned by your WY LLC.
Thanks, Clint! Do you recommend a similar structure for a travel and real estate business that does corporate leasing, wholesaling, and traditional real estate investing? Should the acquired real estate be placed in their own LLCs and corporate leasing, wholesaling be run out of a separate corp? I took the tax and asset protection course last week. I need to call to setup a consult.
Yes that is how you would run such a business.
Could this same strategy work if the house is listed in a trust? Would that affect gaining an LLC for the asset?
Yes but make the beneficiary a LLC.
Is this the same as creating a holding company first and then create other LLCs under the holding company?
For holding the property yes but the business would be separate. You would not want the ownership of the facility to be associated back to the property I.e., the same owner.
Clint is great!
So Clint...Both the LLC and Corp have to be registered? How will your name not tie both together?
You use anonymity with the property holding LLC through a WY holding company.
Hello! Would you need to have business insurance for both the Corp and the LLC?
For the corp for sure and landlord policy for the property llc
Our house has VA mortgage can name it into an LLC?
Yes you can
How do we put the house that we own as a LLC?
Is the house owned in your RAL or personal name?
@@ClintCoons the house is in my name. I've been living here for 13 years and want to convert it into a residential assistant living home.
@@RealLittleGiant Depending on the equity you may want to sell it to an entity you create to capture your 121 cap gain. This will also increase your tax basis for depreciation. Great way to reduce your taxes. Make sure you consult with a professional on this strategy.
@@RealLittleGiant This is exactly my personal situation. The primary home I'm living in, which is in my name, I want to turn into an RAL. I'll consult a professional as he suggested to learn all the details.
Thank you so much
How would i had opening a Community residential facility as a nonprofit? For Veterans. Do the same theory apply?
Yes and no. You would need to consult with a specialist to discuss the details.
@@ClintCoons ok, thank you.
@@yolondaechols3368 did you get any info about the homes for veterans?
Do you have to pay your employees out of your money or does the government Pat the caregivers? That’s one of my main questions. And how many caregivers or nurses would you recommend for a home with 10 elderly occupants ?
I would assume you must pay your employees directly and if available, seek reimbursement from the government.
Is it legal in Texas to have an RAL in a residential neighborhood Zoned Residential. Contacted one city and asked and they told me it's illegal.
It could be. With airbnb you need to know city, county, and state regs.
Good information
Hell yeah!
thanks
So if you didn’t want your name to show so how get start? I’m start a new RAL now, how much it cost for you to help set it up as you said?
Sandy, if you would like a FREE 30-minute consultation, request one here:
aba.link/7p
I have a question I am new to this and I’m trying to start a Residential assisted living I’m applying for my LLC should I put my name and put Assisted living on it as well ?
No. The LLC holds the property it does not run the RAL business. The RAL business is run out of a different entity.
Real Estate Asset Protection thank you .
Why Wyoming vs Nevada or Delaware?
Its cheaper to create the entity in WY vs NV. DE is more for commercial RE
Wyoming is for residential properties, lenders prefer DE LLC for commercial.
Great info 👍 couple of question? Can both of these entities be set up as and series LLC and tax as an S corp. If so, does setting it up in Wyoming cause any problems if you do any kind of refinance ( cash out) to the property....... Thanks in advance for your help!!!!!
Are you owning property in WY? If not then you should not use a WY series LLC. Yes a series can pose refi issues and with the type of liability associated with RAL I would avoid using a series.
Can the property or properties in the Trust vs LLCs? OR One LLC owns multiple properties and leases to one or more corporates who manage the RCFEs?
The properties can be in trusts owned by LLCs or directly in the LLC. The business is run through a separate entity that leases the property from the LLC/Trust.
corp, not s-corp?
Either will work.
We offer RCFE education for admins and owners
Would an S Corp work for this type of business?
Yes
What the hell just happened here? @3:02
Advertisement for their services inserted there.
Can you just put all your assets in a irrevocable trust
Yes but you will not have any asset protection.
I do not appreciate how he vilified caregivers from the start. If you are looking to start a RAL business know that your greatest asset ARE the caregivers. THEY are providing your most marketable services. When they are properly vetted, adequately supported and compensated you won't have to worry about them doing "something wrong".
@TheMoxie I don’t think he necessarily meant to vilify the caregivers. Wrong doing could be unintentional, but lawyers may not care about that when they help families and residents file lawsuits.
The road to hell is paved with good intentions....it's best to be protected going in, and be prepared for accidents and slip-ups
0a