Professional · Los Angeles, CA · Member since 2015 · 33 posts · 10 votes
I was wondering if other Investors would Chime in. For California Investor that is investing outside the state.
What Structure do to you recommend? Does it matter if you own properties in that entity state specific state. What if you own in multiple states example Phoenix, Tx and Tn
-Thoughts on Arizona LLC as they have on $50 annual filing fee( and strong protection rules) vs other states that carry much higher annual fees.
Also Thoughts on California $800 annual filing fee.
Insurance already in place including umbrella. I am looking for asset protection in the event Insurance does not cover. I am about to expand portfolio with expansion comes more risks. Just trying to mitigate those risk as efficiently as possible.
Exactly, That is why I am looking at ways to mitigate any legals issues that may arisee by placing assets in structure like llc. Umbrella insurance is not very expensive. The goal is to protect personal assets. Insurance will cover many things. Its the things they don't cover that concerns me.
Hoping to find best practices for Llc structure and states.
You need to sit down with a competent attorney in California that also has Real Estate Law expertise in the states you intend to acquire assets in. I would recommend Geraci Law Firm in Irvine.
I was wondering if other Investors would Chime in. For California Investor that is investing outside the state.
What Structure do to you recommend? Does it matter if you own properties in that entity state specific state. What if you own in multiple states example Phoenix, Tx and Tn
-Thoughts on Arizona LLC as they have on $50 annual filing fee( and strong protection rules) vs other states that carry much higher annual fees.
Also Thoughts on California $800 annual filing fee.
Any California Investors found optimal strategy?
Appreciate all feedback.
Alex
<THIS IS NOT LEGAL ADVICE>
What are you investing in?
If SFR, you don't need an LLC and even if you had one it may not protect you as it may be considered a strawman by the court if you ever get sued. If MF, you acquire property in LLC and have a partnership agreement drafted by an experienced attorney.
If you decide to setup a LLC anyway...I suggest a Delaware LLC for various reasons.