Here’s how you do the rental property LLC thing

I’m not your lawyer & these are just preferences 👉

But I prefer to hold a rental property in an LLC formed in one of the business friendly states mentioned, hold that LLC under a management company, and own interests in that management company under a self settled trust.

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[ACEProperties]

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[josephbeyer]

Trust is 100% way to go. Put into a Trust because if you buy a property and the Investor is a GSE (FNMA/FHLMC/HUD/etc) you cannot simply close it in a LLC or change from your name to a LLC. LLC’s do NOT protect your properties. If you pay cash you can put into a LLC but I/anyone can still sue you and take the property if the court rules as such. Oh…been doing this 30 years in Real Estate Industry and worked through the courts so I do know exactly what I’m doing. Good luck.

[Achromatics]

I think I fully understood that the third time I watched! Love your videos man hopefully I’ll be buying some of you docs and methods soon! Graduating next summer and saving for my first rental property working through college!

[kennymcgowan]

Do you need to live in those states to set up the LLC

[rubycmua]

How does an old get financed for a mortgage? Is it with your personal credit and income?

[chingpop]

Thank you brother gonna use this very very soon

[rhess]

There seems to be some mixed reviews on how many LLCs you need. If you've got five properties under one LLC and something happens at one of them can they sue you for the assets of the other properties?

[GioulianoAndrade]

Can I schedule a call with you? how would I go about that! Thank you.

[natelammers]

How do you get a mortgage through the LLC to pay for the rental property?

[LatinKingSosa]

I wonder why in those specific states.

[olabodeodutola]

Can you have these properties in different states with the same LLC formed in another ?

[DGarcia]

So when you do your taxes, you only file once using the parent LLC(holding company) and not multiple times with each LLC?

[timbona]

Shouldn’t each property should have its own LLC with an S-Corp as the parent?

[JohnTurner]

Excellent info! One thing to watch: be very careful how your personal funds go from your personal bank account to/from the LLC bank account. Keep them as separate as possible!

[patrickoneill]

And now my bank wants to call in the loan as the property is under an LLC now. Insurance now 2-3x more as it’s commercial. Not to mention higher fees and easy to make mistakes when filing taxes…all for what? Some overkill? Ya.

[pinnacletrade]

U didn't talk about how to buy a home with a loan under a LLC?

[evanwhitaker]

So you are listed as the LLC organizer and most likely the registered agent. If youre going through wyoming, delaware or nevada for anonymity you just lost it forming your own LLC

[micahburnside]

You have to pay a lot of money to close LLCs in Delaware. Nobody tells you that. Don’t move your LLC to Delaware until you are already successful otherwise it could cost you a lot of money if you don’t succeed.

[valeriab]

Good Lord blablanlabla that's exactly what it sounded like you raced through it so fast.

[codywendt]

hmmm…. trusts are like $10, 000.00 to open