Clint, you have done it again! This was just the information I was looking for. Determining a solid approach in creating LLC's in each of the 6 states we have property (yea we are a bit late to the party). Having the bulk of our investments being in WY could be a major advantage. CO,AZ,NM,MI and NV round out the rest. We live in Colorado. WY being designated as the "holding company" might be the Ace we have right next door.
Quick question about this: what if you have to get a loan and then the lender is making you sign personally? Example: in New York on a mortgage, you have to sign off as the member. so if I had a Wyoming LLC, I’d have to put my name, member and then everyone would know that I’m associated with the LLC. Is there anyway to go around this?
Can you be the Manager of WY LLC? As a manager, you don't have to be a member - you could be (technically) the "hired" third party- you could sign on behalf of LLC.
Great information. My question has to do with signing for real estate loans. If you set up a WY LLC as manager/sole member of a local LLC in California where the property is located, how can I sign for the real estate loan? Or who signs for the loans? Thanks.
Clint, Thanks for what you do! I may be screwed. In the past I bought a house with an LLC where i was the organizer. The new deed, under a properly structured LLC, will show property changed hands from “old LLC” (current) to “new LLC” (new) for the sum of ~$5 - so it will be obvious that person that owned “old LLC” is same owner as “new LLC”. So given I originally bought house in a flawed LLC, I won’t have good anonymity protection, since any litigator could just look for properties owned by “old LLC and find ones that I owned and have been switched to new LLC Am I missing something? Any way around this?
Thanks for breaking it down with so many details. I still have some questions that hopefully you can help me with. If there is the WY holding LLC, a state LLC for Property management, and state LLCs for the REs: is the WY LLC listed as the member and the manager for the RE state LLCs.. or is the property management LLC set up as their manager? I am trying to figure out the correct approach for banking purposes. I already watched your video on the different banking strategies.
Clint, Just found your content and subscribed. Great stuff. You may finally make sense what a holding company is for… Question…. If you have these multiple LLCs owning property in various states and they are set up to be held in a Wyoming LLC, is it necessary to have separate bank accounts for each of these LLCs or can there be just the bank account for the Wyoming LLC managed properties? Thank you!
Clint, I talked to my SCarolina SofS and they said that anyone can request and receive Articles of Organization for my LLC, which list me as the organizer. Thus litigators could easily find that I’m a possible owner of that LLC even if I have my Wyoming LLC as the member and a local SC registered agent company as Reg Agent. How to deal with this?
Just learning... I know what an investment is I know what a property is.... I know what a flip is... What do you mean when you use the term, LLC's; Series to add Cells, for Investment properties? Do you mean keeping the property and renting it, or using is as a AirBNB, etcetera.... As Opposed to flipping it and using the S/C Corp Status.
Would you like to learn more about LLCs for real estate and talk to someone? Schedule a free consultation here: aba.link/en5
Clint, you have done it again! This was just the information I was looking for. Determining a solid approach in creating LLC's in each of the 6 states we have property (yea we are a bit late to the party). Having the bulk of our investments being in WY could be a major advantage. CO,AZ,NM,MI and NV round out the rest. We live in Colorado. WY being designated as the "holding company" might be the Ace we have right next door.
Quick question about this: what if you have to get a loan and then the lender is making you sign personally? Example: in New York on a mortgage, you have to sign off as the member. so if I had a Wyoming LLC, I’d have to put my name, member and then everyone would know that I’m associated with the LLC. Is there anyway to go around this?
Can you be the Manager of WY LLC? As a manager, you don't have to be a member - you could be (technically) the "hired" third party- you could sign on behalf of LLC.
Great information. My question has to do with signing for real estate loans. If you set up a WY LLC as manager/sole member of a local LLC in California where the property is located, how can I sign for the real estate loan? Or who signs for the loans? Thanks.
You on behalf of the WY LLC as the member manager or appoint yourself president of the CA LLC and sign on its behalf.
@ClintCoons but if I sign, won't that break the anonymity of having the LLC? Thanks.
@@Dumeme510 You sign as an officer and not a member.
Clint,
Thanks for what you do!
I may be screwed. In the past I bought a house with an LLC where i was the organizer. The new deed, under a properly structured LLC, will show property changed hands from “old LLC” (current) to “new LLC” (new) for the sum of ~$5 - so it will be obvious that person that owned “old LLC” is same owner as “new LLC”.
So given I originally bought house in a flawed LLC, I won’t have good anonymity protection, since any litigator could just look for properties owned by “old LLC and find ones that I owned and have been switched to new LLC
Am I missing something? Any way around this?
Correct. Best to use a personal property trust as a blocker between your existing LLC and the WY LLC.
Thank you so much❤
You're welcome 😊
Thanks for breaking it down with so many details. I still have some questions that hopefully you can help me with. If there is the WY holding LLC, a state LLC for Property management, and state LLCs for the REs: is the WY LLC listed as the member and the manager for the RE state LLCs.. or is the property management LLC set up as their manager? I am trying to figure out the correct approach for banking purposes. I already watched your video on the different banking strategies.
The WY LLC is the member manager of the property holding LLCs.
For maximum anonymity, shouldn't I establish WY LLC that will be the Manager/sole member of the local state LLC?
Yes
Clint,
Just found your content and subscribed.
Great stuff. You may finally make sense what a holding company is for…
Question….
If you have these multiple LLCs owning property in various states and they are set up to be held in a Wyoming LLC, is it necessary to have separate bank accounts for each of these LLCs or can there be just the bank account for the Wyoming LLC managed properties?
Thank you!
Typically we use a separate management LLC with a bank account and one account for the WY LLC or just the WY LLC
Clint,
I talked to my SCarolina SofS and they said that anyone can request and receive Articles of Organization for my LLC, which list me as the organizer. Thus litigators could easily find that I’m a possible owner of that LLC even if I have my Wyoming LLC as the member and a local SC registered agent company as Reg Agent.
How to deal with this?
You must use a 3rd party to file the articles so your name does not appear on the filed articles.
material participation? that's not a 1065 but sch-E used on your 1040....explain.
Just learning... I know what an investment is I know what a property is.... I know what a flip is... What do you mean when you use the term, LLC's; Series to add Cells, for Investment properties? Do you mean keeping the property and renting it, or using is as a AirBNB, etcetera.... As Opposed to flipping it and using the S/C Corp Status.
I am referring to how the property is held I.e., in a separate cell of the parent LLC. The property can be used as long term rental or Airbnb.