All Forum Posts by: Jonathan James Look

@Brian Schmelzlen I'll look into this more, since your position seems to conflict from the two other legal sources which I've consulted. I indeed don't want unexpected tax bills or a surprise with penalties/etc down the road....

@Brian Schmelzlen - Thanks for adding your input/insights. I have had it suggested to me from a couple legal sources that one strategy for those living in CA is to create a LLC structure similar to the above. In that way, the member managed LLCs are considered disregarded entities, and so I would only need to file 1 (I believe, Federal) tax return. I do believe I would have per LLC state tax filings, however.

The rest of what you stated sounds like good advice nonetheless.

Cheers.

Thanks @Alina Trigub for the referral and overall thoughts. Will look into reaching out to Mark for a consultation. Cheers!

Hi All,

I want to create an LLC structure for various investment and property holdings. I already have a couple of properties in different states, and I'm also wanting to participate in syndications and other ventures. How have you structured your businesses both from an asset protection and organizational model? And yes, to be discussed further with a lawyer, but even lawyers can have different recommendations.

Currently, I'm thinking one model such as:

- Manager managed LLC holding company

- Member managed LLC per property or portfolio of properties (I know this depends on the investor and their risk tolerance, property type, etc)

- Member managed LLC for syndication deals, etc. Perhaps this should be siloed further per deal? Or does it make more sense to just use the holding company for these types of deals?

Thanks for the help/discussion!

- Jonathan

Hi All!

I am looking into transferring title of a REI property I just purchased into a yet-to-be-created LLC. Since I'm planning on scaling up to many homes in different markets, I'm wondering if there is a legal service that would handle filling out the proper forms, etc, and doing the transfer properly (I understand I'll need to be involved, e.g. with signatures). Or is this something that my attorney would work with me on?

Thanks!

@Maria Dantas,

I closed on my first turnkey property from RWA on 3/30/18.  I had great communication with the transaction coordinator there, who sent me inspection reports, photos, and answered some of my questions/concerns.

When I closed on the property, it was not yet rented. I sent one email to the property management RWA uses and I asked about when they expected it to be rented, but that email went unanswered.  However, two days later, I was sent a signed lease contract by a tenant, and they would move in on 4/11.

Although an answer to my email would have been nice, I'm not complaining because a signed lease agreement is worth much more than empty words in an email, so I'm happy with that.

I received my first (half) month's rent on 4/16.

Overall, I do look forward to making a couple more purchases from them in the near future.

@Patricia Smith, I've heard of using trusts to provide anonymity, but I've also come across a viewpoint that highlights their potential pitfall in this other podcast by Joe Fairless. Also, I'm not sure why Scott Smith uses in his example, an LLC that holds 10 properties and how the irrevocable trust is a solution. I ask because in that case, why not hold each property in their own LLC for more isolation?

Also, I thought I would highlight this other thread for you if you have not already read it.

Hello All!

Thought I would jump in here as a new investor who is also looking into asset protection strategies and have come across both Anderson Business Advisors and another business that offers similar services. I have not made a decision yet on who I might use, but both have different costs and both differ on their viewpoints of land/grantor trusts, for example.

@Patricia Smith, with that said, you might try having a free consult with either first (I'm not sure if I can name the other business in this forum discussion, so I suppose you can message me).  

Also, regarding your idea of a land or grantor trust as an umbrella for the LLC's, what is your intent here?