All Forum Posts by: Sarah Kensinger

Hi @Chad Bourque thought I would real quick help to clear up some of your questions!

First off you don't need an LLC in FL for asset protection. They're pretty much the only state that offers anonymity asset protection with a land trust, so that saves the step and cost of setting up a holding LLC in WY, DE, or NV. You do need good insurance (check out Proper Insurance) because if something were to happen and IF you had your assets protected correctly, all a person could do is walk away with insurance money. But if your wide open with all your assets in plain sight easily accessible, whoever is suing could and probably would push for more money.  

Your lender is 100% correct about the quit claim deed, the rules changed in 2016 and if you as the owner/payee of the condo are the main person in the trust/LLC it is totally legal and fine to quit claim the loan into the trust. Here is a video from one of our business advisors explaining that and showing the loan docs to back it up....Due on sale clause

If your serious about setting up your assets so your protected correctly I would suggest checking out Anderson Advisors. This is a subject they are passionate about and want to make sure their clients are informed and also legally set up right. If you plan on purchasing more STR properties their membership is well worth the cost!

Congrats on the hopeful purchase of a condo! We nearly bought a condo is Miramar Beach earlier this year and yes, we had planned on setting up a land trust and then quit claiming the deed into the trust. What complex is your condo in?

I hope that helps and of course you can always dig around...Anderson Advisor's YouTube channel has tons of videos....and find more info that can help you make an informed decision!

I'm not sure if this has been mentioned or not, but you must have a professional look after the pool and keep all the chemicals balanced correctly. There's too much at stake for this to be a DIY, cleaners' job, or a neighbor/friend's responsibility!

Might want to move this post over to the classifieds.

Oklahoma has been a growing state for years with a low cost of living and decent prices. As for the exact real estate market I can't say since I'm not realtor..... 

Congrats! How exciting!

Short-term rentals still bring in a decent bit of money if you purchase a good property with great numbers!

Why would anyone agree to live like this with complete strangers?!? I can see if you could get a group of friends, or friends of friends to go in together and rent rooms in one house, but total strangers! And we wonder why there are so many things happening to girls/woman in our society, we're totally setting it all up!

 I had heard as well that Anderson Advisors could be hard to reach. A few weeks before we even scheduled our strategy call, I called the main number and questioned them out. From what I could tell those who are not members try to get all the info they can off them, or possibly use Anderson Advisors for one or two things so those people are not a top priority as a member would be. Plus, non-members don't have an assigned contact person and team. I always get someone on the phone right away to answer my questions, if they don't know the answer my contact person calls back within 48 business hours. You mentioned keeping up with 35 LLCs, with Anderson Advisors you wouldn't need to do that. They keep track of what is due when, and let you know when an entity needs to be handled, renewed, etc.

I'll add a word of caution about just calling up any real estate attorney and especially DIY LLC's. The latter should NEVER be done, it'll be a complete waste of money and won't do anyone any good! When seeking out an attorney that could possibly help create your protection plan, you need to ask specific questions and make sure they know how to set up the proper structure and not let one small thing fall through that completely undoes everything.