Disclosure of property ownership in LLC

3 Replies

Hello fellow investors,

Hopefully someone has dealt with this before. We have flipped several properties. I'm a licensed realtor so when we list them I always disclose that I'm the owner in the private realtor remarks and also in the property disclosure form. After talking with our accountant and lawyer we were advised to set up an LLC to hold the properties that we are flipping. Asset protection was the primary reason but secondly we are flipping in a small town and often find ourselves on the courthouse steps bidding on properties of people we know. All that said, my question is do I need to disclose that I'm a member of the LLC that owns the property when I list it? Thanks in advance.

@Mathew Allen , I agree with @Mike Cumbie .

When in doubt disclose disclose disclose. That goes for what you know about property condition or anything else such as in this case having an ownership interest.

You are never on poor footing when you are open and honest from the get-go.