Professional · Dallas, TX · Member since 2016 · 13 posts · 9 votes
9y
Hey Scott. I just completed setting up my LLC in Dallas and used Joe Davisson. He was very helpful and understands investing. He also connected me to a CPA who is an investor himself. I was very pleased with Joe who is with Smith & Collins. Joe's office is in Dallas. PM me and I will give you his number if you can't find by looking up Smith & Collins.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
Nah. I do hold my commercial 5+ unit apt bldgs in LLCs, but not my houses that have mortgages on them. Too much of a pain financing and insuring them. I just act above board and carry good insurance. Search on here: 'I'm trying to buy a house with my LLC.. any lenders out there?' In the name of asset protection (LOL) you are getting crummy short-term, higher rate, adjustable, callable commercial loans.
Lender · San Antonio, TX · Member since 2016 · 1k+ posts · 1k+ votes
9y
@Scott Ewell I don't put each property in a separate LLC, but all properties are in an LLC. I decide which LLC based on the partners I have in the deal. You can set up the LLC yourself easily, but the real trick to making it worth anything is to have your lawyer advise you on all you need to do to maintain the liability protection. Just having it in an LLC doesn't mean much.
Connect with me and I can refer you to my group's tax and legal expert (he's a JD/CPA).
Jason is on the right track. You want to limit the value of property in each LLC so losing one doesn't take a big bite out of you.
You'll need insurance, even with an entity structure, and you'll want to have it set up so your revocable trust owns your business entities and not you personally. The Tax and legal guy('s people) can lay that out for you.
The goal should be to "Control everything, own nothing".