Forming An LLC For Real Estate Investing

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Forming An LLC For Real Estate Investing - (NEW!)

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Clint Coons Esq. | Real Estate Asset Protection

Күн бұрын

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Forming an LLC for your real estate investing is extremely important when it comes to maximizing your asset protection and minimizing your tax liabilities.
In 11 minutes I'll show you:
How to form LLC for real estate investing, what type of LLC you should use, where to set up your LLC and even more important WHEN to set up your LLCs for various investment opportunities.
If you invest in residential for long-term holding, rental real estate or short-term flipping, commercial real estate (5 units or more) there's a proper way to form and set up LLCs.
Depending on the type of loans you'll be using when it comes to investing in real estate also can make a difference as to WHEN you need to form your LLCs.
LLC for residential real estate. How are you going to pay for the property, cash?
Are you using a portfolio lender for residential real estate?
Traditional lenders and financing like Freddie Fannie products.
Where should you create or set up your LLCs for real estate investing like rental properties in other states etc?
What you need to know when it comes to forming LLCs for real estate investing is covered in this short video.
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

Пікірлер: 329

@ClintCoons 2 жыл бұрын

Schedule a complimentary consultation with our experts today! Sign up here: aba.link/e03b53

@Zenas521 4 жыл бұрын

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

@DavidGalan777 4 жыл бұрын

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).

@florencereinvestor6015 4 жыл бұрын

@@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.

@teddyruxpin3811 4 жыл бұрын

@@florencereinvestor6015 You have to have a lawyer fill out the forms for you. I don't know how my lawyer did but they did.

@ElbaAlbertovna 3 жыл бұрын

@@florencereinvestor6015 the lawyers info shows there not your first and last name. Basically the firms info is in there

@alvindowd5232 4 жыл бұрын

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.

@jasoncharlton3775 4 жыл бұрын

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.

@onesri6108 2 жыл бұрын

Did you get their services and your experience please?

@lamariusberry7220 4 жыл бұрын

Anonymity is power!!

@Shahablo 3 жыл бұрын

i can't believe you managed to cover umbrella LLCs in ~ 2 minutes. subbed

@christinaalcala5915 2 жыл бұрын

👏🏼 Very informative, condensed and to the point. Thank you for explaining it so well.

@ClintCoons 2 жыл бұрын

My pleasure.

@FatalFarrow Жыл бұрын

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?

@ClintCoons Жыл бұрын

Yes it does. When the LLC is member managed you only list the WY LLC on the state filing.

@chloejones9312 4 жыл бұрын

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!

@florencereinvestor6015 4 жыл бұрын

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

@ClintCoons 4 жыл бұрын

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. :)

@aprielletucker1326 3 жыл бұрын

I was just about to set up my LLC in Florida until I ran across your page. So glad that I did. So much useful information!

@ClintCoons 3 жыл бұрын

Glad it was helpful!

@keshamill448 4 ай бұрын

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?

@ClintCoons 4 ай бұрын

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

@03meera 2 жыл бұрын

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!

@ClintCoons 2 жыл бұрын

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.

@m3gaman00 Ай бұрын

Didnt you say that a Member managed LLC is a big no no? and you recommended it be a manager managed

@ClintCoons Ай бұрын

Typically, but it depends on the situation and how you are structuring the overall business.

@Dsok0314 4 жыл бұрын

Wow!!! That’s true value right there!!!! Bless you!!!! Thanks!!!

@georgetorres3550 4 жыл бұрын

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.

@ClintCoons 4 жыл бұрын

Geogre we can help with setting up an IL LLC

@stanmoney8470 Жыл бұрын

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. .

@hithere3609 3 жыл бұрын

GREAT EXPLAINATION! Thank you for sharing. Very thoughtful and detailed.

@JudacharFlow 3 жыл бұрын

This channel is Gold!

@ClintCoons 3 жыл бұрын

Thanks

@terryseldon7446 2 жыл бұрын

Thanks once again. Ur a fountain of knowledge for one that truly listens

@ClintCoons 2 жыл бұрын

Thanks for watching.

@stanmoney8470 Жыл бұрын

Does the holding LLC owns a property, Then it owns the other real estate companies right?

@John-zh6ld 4 жыл бұрын

Always fantastic!

@Zaycream21 4 жыл бұрын

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?

@user-tv1hm5kt4l Жыл бұрын

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?

@ClintCoons Жыл бұрын

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.

@user-tv1hm5kt4l Жыл бұрын

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?

@ClintCoons Жыл бұрын

@@user-tv1hm5kt4l I would keep yourself as an additional insured for extra protection.

@halgentner3799 2 жыл бұрын

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.

@ClintCoons 2 жыл бұрын

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.

@terrycrawford6740 3 жыл бұрын

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.

@ClintCoons 3 жыл бұрын

Depends on how much the other party is willing to dig.

@AlonzoLivin 3 жыл бұрын

Just wanted a refresher course. Thank you sir! 🇺🇸💎🖐

@ClintCoons 3 жыл бұрын

👍

@dailyd8123 4 жыл бұрын

I had a question on another video of yours and this one just answered it lol

@ClintCoons 4 жыл бұрын

Great

@CCECAdmin Жыл бұрын

Real property not held by the holding company? set up lease with operating llc that indemnifies the holding company?

@AberrantArt 3 жыл бұрын

This is wonderful! These are all the questions floating around in my head.

@ClintCoons 3 жыл бұрын

Fantastic!

@jmac7591 4 жыл бұрын

Very informative. Thanks!

@confidentrealestateinvesti9152 4 жыл бұрын

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.”

@ClintCoons 4 жыл бұрын

Correct or I like to use "and or designated entity"

@anyway_anyway 4 жыл бұрын

What about due on sales claus

@dominicgerodano5481 4 жыл бұрын

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.

@taylorsara1237 3 жыл бұрын

@@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....

@dominicgerodano5481 3 жыл бұрын

@@taylorsara1237 sure send me your email

@taylorsara1237 3 жыл бұрын

@@dominicgerodano5481 Thank u sooo much! Its. asktaylorsara2009@yahoo.com

@jonmason9024 4 жыл бұрын

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?

@ClintCoons 4 жыл бұрын

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.

@aaroninbliss 4 жыл бұрын

Subscribed with Notifications! Thanks Clint.

@CarolinaRealEstateGuide 3 жыл бұрын

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.

@ClintCoons 3 жыл бұрын

Saw that the other video answered this question.

@localhandyman1086 4 жыл бұрын

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 ?

@israelvicente6323 2 жыл бұрын

Very good information. Thank you very much.

@estimatingonediscoveringthree 2 жыл бұрын

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 2 жыл бұрын

Personal then obtain your loan. After you have the loan move the property into an LLC.

@estimatingonediscoveringthree 2 жыл бұрын

@@ClintCoons thank you Clint! That makes a lot of sence, even helps the loan rate/process. Thank you!!

@ClintCoons 2 жыл бұрын

@@estimatingonediscoveringthree You are welcome

@estimatingonediscoveringthree 2 жыл бұрын

@@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

@ClintCoons 2 жыл бұрын

@@estimatingonediscoveringthree Great.

@themisguidedpodcast 2 жыл бұрын

who are you??? hahaha this is gold! Thank you so much

@ClintCoons 2 жыл бұрын

Thanks for watching

@angeljoycompany6306 4 жыл бұрын

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?

@rickertpropertygroup 4 жыл бұрын

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.

@ClintCoons 4 жыл бұрын

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.

@lavanyakala9593 3 жыл бұрын

We need some inputs from you how to transfer our property to LLC

@abbyl2297 2 жыл бұрын

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!

@ClintCoons 2 жыл бұрын

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.

@jonathanwatkins4231 2 жыл бұрын

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.

@ClintCoons 2 жыл бұрын

Great question. Refi before you transfer.

@jonathanwatkins4231 2 жыл бұрын

Thank you.

@Lucas-GR 4 жыл бұрын

I think you just got yourself another client sir.

@ClintCoons 4 жыл бұрын

Thanks

@goddessalumni2355 4 жыл бұрын

love yu Clint yu r so Awesome#Knowledge

@thecardealer. Жыл бұрын

excellent

@ClintCoons Жыл бұрын

Many many thanks

@parkerjacobson 4 жыл бұрын

Hi Clint. Great information. I'm just getting started and long-term investment purchases of three land lots. I reside in the state of California. The land lots are in another state. What is the best step-by-step for setting up a real estate holding LLC, etc. These are residential estate lots that will not be built on. They are just "long term" land lot investments. Do I need to set up the real estate holding company LLC in that particular state? I plan on purchasing more of them (land only). All of them are owner financed. Any advice would be appreciated. Love your content.

@ClintCoons 4 жыл бұрын

I would buy them in a WY LLC and hold it this way until you are ready to do something with the property.

@alpinewhite 3 жыл бұрын

9:00 Who do we designate as the Manager for the in-state member-managed LLC?

@ClintCoons 3 жыл бұрын

In a member managed LLC the manger is the member.

@gokullu 2 жыл бұрын

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)?

@ClintCoons 2 жыл бұрын

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.

@gokullu 2 жыл бұрын

@@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 2 жыл бұрын

@@gokullu No because the states recognize the trust as a business trust.

@gokullu 2 жыл бұрын

@@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.

@ClintCoons 2 жыл бұрын

@@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.

@MrNateSPF 4 жыл бұрын

When trying to determine which projects should be grouped, what should be the minimum revenue per LLC?

@ClintCoons 4 жыл бұрын

That is purely subjective. Some prefer one property per LLC. Think on this, if you have 4 properties generating $500 each that is 2k a month. Are you willing to risk 2k a month or would you fee more comfortable risking $500 a month in the event of a lawsuit?

@sgtofmarines9455 Жыл бұрын

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!

@ClintCoons Жыл бұрын

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.

@marisolquiroz3211 3 жыл бұрын

Awesome info

@ClintCoons 3 жыл бұрын

Glad you liked it

@isohi1429 2 жыл бұрын

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 .

@ClintCoons 2 жыл бұрын

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@amp7816 Жыл бұрын

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!

@ClintCoons Жыл бұрын

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.

@shivonnedeangelo1781 3 жыл бұрын

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?

@ClintCoons 3 жыл бұрын

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

@davidd8983 4 жыл бұрын

Amazing content Clint, thank you

@victorhaywood9995 Жыл бұрын

What is the number of acres to be classified as commercial land?

@ClintCoons Жыл бұрын

No sure

@ffilice1 4 жыл бұрын

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 4 жыл бұрын

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.

@ffilice1 4 жыл бұрын

@@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!

@AdrianButler86 2 жыл бұрын

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?

@ClintCoons 2 жыл бұрын

Correct

@mgtowthejoker 4 жыл бұрын

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. 🙁

@TheFamilyONetwork 4 жыл бұрын

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

@dm7175 4 жыл бұрын

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 KZfaq 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!

@aaroninbliss 4 жыл бұрын

@@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.

@gd2860 2 жыл бұрын

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?

@ClintCoons 2 жыл бұрын

Yes it does if it has a mortgage.

@jevanswslife 4 жыл бұрын

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?

@ClintCoons 4 жыл бұрын

Yes. If you would like a FREE 30-minute consultation to discuss, you can request one here - aba.link/30minSession

@thuyyuen2897 3 жыл бұрын

Thank you for great information. Do i need a holding llc for my self directed ira? Can a holding llc include both retirement and non retirement llc?

@ClintCoons 3 жыл бұрын

You do not need a holding LLC for a SDIRA. I typically on set up single member LLCs with SDIRAs without the holding LLC. Further partnering with a SDIRA is allowed but it is technical. Anything to do with an IRA should only be handled by an experienced attorney or CPA to avoid risking disqualification of your SDIRA.

@helena4950 3 жыл бұрын

Thank you for the good information.

@ClintCoons 3 жыл бұрын

Glad it was helpful!

@willcollins5660 2 жыл бұрын

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?

@ClintCoons 2 жыл бұрын

You can use your CA LLC in those states and just register it to conduct business as a foreign LLC.

@erinparsley 2 жыл бұрын

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?

@ClintCoons 2 жыл бұрын

@@erinparsley Foreign filing is the same as setting up an LLC in the state.

@erinparsley 2 жыл бұрын

With the same ability to evict tenants if necessary?

@ClintCoons 2 жыл бұрын

@@erinparsley Yes. - sorry for the delayed response.

@comarlopez 4 жыл бұрын

What do you do when banks don’t allow you to deed the property to the llc?

@ClintCoons 4 жыл бұрын

How would a bank stop you from deeding a property?

@comarlopez 4 жыл бұрын

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.

@ClintCoons 4 жыл бұрын

@@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.

@tangomarty 3 жыл бұрын

@@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.

@AUPlug 4 жыл бұрын

How difficult would it be to transfer ownership of a Florida LLC from myself to a Wyoming LLC?

@ClintCoons 4 жыл бұрын

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.

@josianirizarry8953 Жыл бұрын

Clint how can I structure my wholesale LLC?

@ClintCoons Жыл бұрын

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@xavierdavila119 2 жыл бұрын

Do I need to create a new llc for every state I buy commercial property in?

@ClintCoons 2 жыл бұрын

Absolutely.

@jacobsSDco 4 жыл бұрын

How do you get a Wyoming property address to set up LLC if you reside in a different State?

@ClintCoons 4 жыл бұрын

We provide one for our clients.

@TheSexyldyj1978 3 жыл бұрын

Can you get an UPS physical address in the state that would provide you with a box # for you mail??

@russellrobinson5930 3 жыл бұрын

I luv this information

@ClintCoons 3 жыл бұрын

thanks.

@amitroy3878 3 жыл бұрын

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?

@ClintCoons 3 жыл бұрын

Not a strong state but if you are buying in NJ you will need a NJ LLC.

@amitroy3878 3 жыл бұрын

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

@ClintCoons 3 жыл бұрын

@@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

@loulupero4147 4 жыл бұрын

Great information, definitely would like join free workshop

@ClintCoons 4 жыл бұрын

Great! I will post a link next week for our workshop on August 8.

@loulupero4147 4 жыл бұрын

@@ClintCoons Looking forward

@funkyboogiee 4 жыл бұрын

for short term rental property do you still recommend the same method of Holding LLC, and LLC for property?

@ClintCoons 4 жыл бұрын

yes

@bobross7024 3 жыл бұрын

Should each commercial property be a separate LLC or is it ok to have one LCC own several properties in that state?

@ClintCoons 3 жыл бұрын

Definitely separate. Also the lender will most likely require you establish a separate LLC for the commercial property.

@stanmoney8470 Жыл бұрын

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.

@ClintCoons Жыл бұрын

Yes that is correct.

@stanmoney8470 Жыл бұрын

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 Жыл бұрын

@@stanmoney8470 Correct. Create a new LLC for each property and the new LLC will be member managed by the Wyoming LLC.

@stanmoney8470 Жыл бұрын

@@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?

@ClintCoons Жыл бұрын

@@stanmoney8470 correct

@snakelock2007 3 жыл бұрын

For the member managed llc, do you have to get a new ein if you already have one?

@ClintCoons 3 жыл бұрын

If an LLC already has an EIN you do not need to obtain a new one if you change its member

@gofdoom10 3 жыл бұрын

whats better umberlla insurance or llc

@ClintCoons 3 жыл бұрын

Use both. :)

@user-hr5xu7ud3p 4 жыл бұрын

Can you do a cash out refinance under an LLC? Or should you do that first then deed the property to an LLC?

@ClintCoons 4 жыл бұрын

If it is residential then complete the refi before you move into the LLC

@user-hr5xu7ud3p 4 жыл бұрын

@@ClintCoons Awesome!! You have great wisdom!!

@ThePhenomenalMsJames 2 жыл бұрын

Very helpful! Thank you

@ClintCoons 2 жыл бұрын

You're welcome!

@CryptoLTP5 3 жыл бұрын

Just closed today in cash under my name. It is my first property - I am planning on having a large portfolio of residential properties. Should I transfer the title to an LLC (once I create it) asap?

@ClintCoons 3 жыл бұрын

Do you plan to refi the property?

@oscarmora347 2 жыл бұрын

@@ClintCoons I’m in this exact scenario. Let me be clear, we have an LLC form already and are closing on a all cash offer but want to refi to take our money out. I understand loan must be under managing member/s but one member (who holds little stake) will not be on the loan (to get a better rate) will be force to put all members on new loan? If not will be hit with a “due at sale”?

@terrycrawford6740 3 жыл бұрын

Does it matter if the Anon LLC is member-managed or manager-managed? Wouldn't it be anonymous either way?

@ClintCoons 3 жыл бұрын

Does not matter.

@rcruz401 4 жыл бұрын

What about when it comes time to file your taxes? Will you pay alot more using this strategy?

@ClintCoons 4 жыл бұрын

Not at all. The holding entity is a pass-through entity that does not file a tax return.

@rcruz401 4 жыл бұрын

@@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

@ClintCoons 4 жыл бұрын

@@cbass2112 WY does not collect names so you are not listed.

@ClintCoons 4 жыл бұрын

@@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.

@Mav0585 4 жыл бұрын

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?

@ClintCoons 4 жыл бұрын

The subs can perform different functions.

@Mr_Stache 4 жыл бұрын

I already own a residential property under my name through a conventional loan and plan on using an LLC (which I haven't set up yet) to manage the property when I move out. Any advice?

@ClintCoons 4 жыл бұрын

If you are concerned about the lender exercising the due on sale clause you may want to consider a land trust but otherwise you are on the right track.

@stephaniecarrera8665 3 жыл бұрын

@@ClintCoons @joshua2 I didn't even think about this. My husband and I just bought a home in Dallas earlier this year, but then he accepted a year long contract in Austin and then Georgia so we have been using airbnb to list our home. But we stay in our home part of the month (I work from home so don't always travel down to Austin with him). I wanted to create an LLC for our airbnb business, but can I even do so if we are still staying here (especially now that the business has slowed down). Would that be considered "comingling" so making an LLC pointless?

@faith3145 3 жыл бұрын

This is excellent!!!

@ClintCoons 3 жыл бұрын

Thanks

@terrycrawford6740 3 жыл бұрын

Who would be the members of the Anon LLC? Would that be the husband & wife or the Living Trust?

@ClintCoons 3 жыл бұрын

Living trust.

@terrycrawford6740 3 жыл бұрын

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?

@terrycrawford6740 3 жыл бұрын

@Clint, I'm wondering if you can confirm this strategy. Thanks

@johnwilkens55 4 жыл бұрын

Great explanations

@ClintCoons 4 жыл бұрын

Glad you think so!

@Apaul6857 3 жыл бұрын

Great video 👍👍

@ClintCoons 3 жыл бұрын

Thank you 👍

@bradc6410 3 жыл бұрын

If you are going to buy a BRRRR house with CASH in a LLC, can you refinance it in the LLC?

@ClintCoons 3 жыл бұрын

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.

@terrycrawford6740 3 жыл бұрын

@@ClintCoons What examples of community banks?

@ClintCoons 3 жыл бұрын

@@terrycrawford6740 It is a regional bank. Google the term for your location.

@avagencheva 2 жыл бұрын

Thank you for creating this informative content. Where can I reach you for 1:1?

@ClintCoons 2 жыл бұрын

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@stevepennell1 3 жыл бұрын

I need a strategy session!

@ClintCoons 3 жыл бұрын

You can request one here - aba.link/30minSession

@endol89 3 жыл бұрын

How do I buy/invest in international properties through a LLC?

@ClintCoons 3 жыл бұрын

You could use your domestic LLC to take title if the foreign country allows it. Take for example Mexico. In Mexico real estate purchases in the restricted zone are made through a trust and not LLCs because of fee simple title issues. Thus, it will depend where you are purchasing the property how title will be held.

@edwardmclaughlin9822 4 жыл бұрын

Great info !!

@ClintCoons 4 жыл бұрын

Glad it was helpful!

@Neilhouse5 3 жыл бұрын

“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.

@ClintCoons 3 жыл бұрын

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.