All Forum Posts by: Megan Templeton

Hi there! @Mitchell Coles

Royal Legal Solutions is a great resource for what you are looking for. They have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning. I am a consulting attorney with Royal Legal and happy to answer any questions you may have.

Thanks,

-Megan

Hi @Jose Trejo - congrats on the growing portfolio! Whether the property can be transferred to an LLC will be dependent upon your lender and the type of loan. There is likely a workaround but you would want to work with them before taking action to ensure you don't trigger the due on sale clause. They will likely put the property into an LLC as part of the refinance.

Thanks,

-Megan

Hi @Chad Potter

Once the properties are in the LLCs, you can pay the mortgages from the LLC. Until the properties are in the LLC (while they are still in your name), you should take a distribution from the LLC to yourself individual and pay individually.

Thanks,

-Megan

Hi there! @Mustafa Amar

Royal Legal Solutions is a great resource for what you are looking for. They have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning. I am a consulting attorney with Royal Legal and happy to answer any questions you may have.

Thanks,

-Megan

Hi there! @Winston Dottin

Royal Legal Solutions is a great resource for what you are looking for. They have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning. I am a consulting attorney with Royal Legal and happy to answer any questions you may have.

Thanks,

-Megan

Hi there! @Danny Nguyen

Royal Legal Solutions is a great resource for what you are looking for. They have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning. I am a consulting attorney with Royal Legal and happy to answer any questions you may have.

Thanks,

-Megan

Hi there! @Mark Tawfik

Royal Legal Solutions is a great resource for what you are looking for. They have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning. 

Thanks,

-Megan

Hi there! @Giedre Basov

Royal Legal Solutions is a great resource for what you are looking for. They have attorneys and CPAs on staff to assist with entity structuring, business planning, and tax planning. 

Thanks

-Megan

Hi there! @Emmanuel Cano

I would definitely recommend working through an LLC for your new property For LLC formation, you have a few options: you can work with a document provider like Legal Zoom, do it yourself through forms on the Secretary of State website, or go through a traditional law firm. I recommend going the law firm route. Trying to do the forms yourself the first time could be confusing and you may not be aware of all the wording needed in the operating agreement, the annual compliance costs/requirements/etc. Using a document provider like Legal Zoom may work in some cases but the docs are templatized and not set up to be individual to your business or scale well. You also wont have a team to guide you as your biz grows or how to stay compliant. I recommend a traditional law firm so you have an advisor from the start and as you grow, they can customize your set up, and help tackle any issues that come up as you go. I'm a consulting attorney with Royal Legal Solutions and RLS is a good option to check out as they offer the services you would need.

Hi there! @Ayano Itoh

I would recommend using an LLC for your property to add an additional layer of liability protection. It can be useful if the LLC is also an anonymous LLC to add another layer of insulation for you. The LLC can also provide some tax benefits such as deductions, real estate professional designation support, etc. For address, I would recommend getting a PO Box or virtual mailbox for public facing activities so you aren't disclosing your home address. You mailing address can be in CA but for a TX LLC, you will be required to have a TX registered agent (there are many services that do this). Since you are a CA resident, I would also recommend checking out the Delaware Statutory Trust as an option for entity structuring - its a good model for CA residents as it avoid the franchise tax and is scalable if you purchase additional properties.

Thanks,

-Megan