All Forum Posts by: Brent Tice

Thanks Timothy sounds like Ohio is a good place to invest for multiple reasons.

My understanding is flips that sell quickly should be in an LLC and long term holds should be in another LLC. If you are holding a "flip"
then it is just a fixer upper rental property, I am currently doing this with a duplex right now.  Not exactly sure the best way to structure this but am confident flips and long term holds should not be in the same LLC.

Id love to hear feedback on how people have used land trusts to benefit them with investing.

Thanks for the feedback Corina, I attended the seminar 1 week ago how long ago was it for you? The recommendation probably can vary depending on who is running the seminar and how they structure. The person who lead my seminar was from Texas and was doing a lot of flips and long term holds. I think Chris said above makes sense to me to have a dollar amount (he mentioned 500k) to put in an LLC. 12 units in WI can be a lot different in price to 12 units (or whatever number someone chooses) in another city on the coasts.

Thanks Doug I appreciate your feedback, I would agree they are overpriced and local help is important.  I am meeting a local attorney next week which should help.  I was looking for feedback on what they said in the seminar and so far good feedback from BP members. My goal like many others is to have the best tax benefits and liability coverage and I never take 1 person opinion and run with it, I always get feedback from multiple people before making a final decision.  Whats most important now is trying to figure out the best way to structure business for long term holds and passive income, which I already have 14 units, and active income will be priority #2 because I have not done active yet.  

Chris I should have asked is your state of Ohio favorable to small business owners, I am not sure if WI is? With your properties in your LLC that are long term holds, do you have all your properties in 1 LLC? If so are they each individually in land trusts to mitigate your risk if a lawsuit occurs on one of the properties? Thanks

Christopher Blanco, where did you set up your LLC in Ohio? I have heard Nevada is the most beneficial for small business owners yet isnt always the best like what Sherman mentioned because he lives in Maryland.

Thank you Sherman Regland I appreciate it.  I will be talking to an attorney soon and know there are different ways to set up the business structure.  I would love to connect up with more local investors

Went to a Fortune Builders 3 day weekend seminar recently.  They talked about how to structure your business to maximize tax benefits and liability.  I currently live in Wisconsin with 12 units myself and 2 units in a 50/50 partnership and am looking to set up my businesses the best way I can as I plan to grow with more units.  

They recommended active (flips and wholesales) go in 1 LLC. Properties will go in and out of that LLC quickly. For passive (long term holds) they recommend all in 1 LLC with each property in a land trust. The land trust will separate each property (I have not seen this structure before) and if someone tries to sue and wins they only can take assets from that specific property that was sued. My understanding is each land trust separates the properties kind of like how each LLC would separate each property if it was set up that way. The benefit is only 1 checking account with the land trusts and 1 LLC and if each property is in a different LLC you need a separate checking account for each. Does that make sense and how are your businesses set up?

They also recommended starting your LLC in Nevada because Nevada is best for small business owners.  I have a few LLC's in WIsconsin, should I switch them over to Nevada, what could be a drawback to doing this? Thanks for your feedback, I want to structure things correctly early on before I have many units.  

does anyone know of a good CPA I can work with in the eau Claire, Chippewa falls, Menomonie WI area? Thanks