All Forum Posts by: KC Ushijima

You will want to review the Operating Agreement for the LLC to see how assignments of interest or transfers are supposed to happen.

Generally, LLC partners are not able to just assign their interest to another party without approval of most/all of the members. The operating agreement may have some guidelines or exceptions.

After the LLC membership interest is assigned to the new member, you will need to work with the lender on refinancing. There is a good chance that the lender will want the property in the new member's name before doing a refinance in the new member's name.

It might be possible that the LLC does the refinance and all the members are personal guarantors.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

To do a friendly lien, it would be the title holder that is the borrower.  

So the borrower could be either the LLC or the land trust.

Your original post indicated an interest in anonymity.  With a land trust (or trusts in general), you need a trustee.  

If you are the trustee of the land trust, the property records would show something about the property went from "David" to "David, Trustee of ABC Land Trust" (or "ABC Land Trust, and David, Trustee").  So anonymity may be difficult in that respect.

So you could look into a Nominee Trustee/Power of Attorney, or setting up a Wyoming LLC to be the Trustee of your land trust if you are interested in anonymity.

If the Florida property is in your personal name, and then you transfer the property to a Florida LLC, it may trigger a property reassessment.

So you may want to consider using a land trust to avoid a property reassessment.

To give the appearance of no equity in the property, you may be referring to a friendly lien.  This is where you have one of your companies provide a secured loan or line of credit to the title holder of the property, and then your company can record a lien on the property.  So if a tenant or their attorney searched the property records, they will see that there is a recorded lien on the property.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

You may want to see if any local attorneys will do a free initial consultation or initial case review.  Or at least try to get an estimate of what a local attorney may charge to handle such a matter.

You can review the lease agreement to see if it allows for legal costs and fees (including attorneys' fees) to be awarded if you prevail.

If you don't think the former tenant will pay, and if you are awarded a judgment by the court, then you would likely need to use the court system to collect on the judgment.  

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

Many of our clients will use the National Real Estate Insurance Group.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

DBAs / Trade Names / Fictitious Business Names can be an option.  

You will likely need to register the DBA name with the city/county/state.

Keep in mind, typically, on formal contracts, if you have a DBA (as a sole proprietor, and no LLC), you would still need to include your legal name as the landlord.

You might use something along the lines of, "John Doe dba XYZ".

You wouldn't just use "XYZ".

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

You can search Facebook, LinkedIn, and other social media sites for networking events and groups.

If attending a networking event, approaching people, or trying to start new conversations is uncomfortable for you, you could be a volunteer at an event.  

Even volunteering for simple things like checking people in, the attendees walk up to you.  You get to do a brief intro when you get their name, and you can ask what city they're in, how they heard about the event, and other small talk while you find their name on the list and give them a name tag.

You can also look into the local Chamber of Commerce, or things like Toastmasters.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

If an emergency fund has not been set up, some of that $250K would go to an emergency fund. Maybe use a Wyoming LLC bank account to hold the emergency fund.

Then it would be dependent on opportunities.  If there aren't any viable options, look into some dividend paying ETFs.

Note: This information is for educational and informational purposes only and does not constitute legal, tax, financial, or investment advice. No attorney-client, fiduciary, or professional relationship is established through this communication.

At 19, a year out of high school, probably some combination of ideas or books by Jocko Willink, Dave Ramsey, and/or Scott Galloway.

However, if I could go back in time, I would make those recommendations to myself in my early teens.

We work with people at all levels of their real estate investment journey, from people just starting out to people with decades of experience, to protect and preserve their wealth.

Since death & taxes are inevitable, many clients also use us for tax preparation & planning, and estate planning.