All Forum Posts by: Account Closed

Hey Jake, many accountants can work in other states, they don't need to be living there or even have an office there to do great work. For example, we have several clients focused on real estate investing that we do great work for outside of our main office in Manassas VA. I hope that allows you to broaden your search!

We highly recommend to our clients they use some form of asset protection. See our "tier list" below: 

Worst:

– No coverage, held in your name.

Bad:

• Relying on insurance. This is the most basic level of protection and it is not very effective, but it is still better than nothing. Insurance companies have many exclusions and they may not cover everything, but they can help to pay for some of the costs of a lawsuit.

Good:

• Using one LLC for all of your rental properties. This is better than relying on insurance because it protects your personal assets from liability. However, if someone sues you and wins, they could take all of your rental properties.

Better:

• Using a separate LLC for each rental property. This is the best level of protection because it isolates each property from the others. If someone sues you and wins, they can only take the LLC that owns the property that was involved in the lawsuit.

Best:

• Using a combination of LLC and land trust to protect your rental properties. These are more complex legal structures that can provide even more protection than a traditional LLC alone.

Here are some of the key things to keep in mind when choosing an asset protection strategy for your rental properties:

• Your risk tolerance: If you are not very worried about being sued, you may not need the best level of protection. However, if you are worried about being sued, you should use the best level of protection that you can afford.
• Your state laws: The laws governing asset protection vary from state to state. You should consult with an attorney in your state to make sure that you are using the best asset protection strategy for your situation.
• Your budget: The cost of asset protection can vary depending on the type of protection that you choose. You should make sure that you can afford the cost of the protection that you choose.
  
  Please also keep in mind for your situation to consult a professional and share more details! 

Hey Beste, 

We are currently accepting clients for the 2023 season. We specialize in working with folks who invest in real estate, as we do it ourselves all over the country. We are very familiar with REPS and do this for plenty of clients! 
We do tax preparation and advisory. Checkout taxwisecorp.com and if were a fit reach out to us on the contact page! 

Hey Larry, many accountants can work in other states, they don't need to be living there or even have an office there to do great work. For example, we have several clients focused on real estate investing that we do great work for outside of our main office in Manassas VA. I hope that allows you to broaden your search!

Hey Paul! 

Checkout this simple tier list outlining from worst to best strategies for asset protection in this context:

Worst:

– No coverage, held in your name.

Bad:

• Relying on insurance. This is the most basic level of protection and it is not very effective, but it is still better than nothing. Insurance companies have many exclusions and they may not cover everything, but they can help to pay for some of the costs of a lawsuit.

Good:

• Using one LLC for all of your rental properties. This is better than relying on insurance because it protects your personal assets from liability. However, if someone sues you and wins, they could take all of your rental properties.

Better:

• Using a separate LLC for each rental property. This is the best level of protection because it isolates each property from the others. If someone sues you and wins, they can only take the LLC that owns the property that was involved in the lawsuit.

Best:

• Using a combination of LLC and land trust to protect your rental properties. These are more complex legal structures that can provide even more protection than a traditional LLC alone.

Here are some of the key things to keep in mind when choosing an asset protection strategy for your rental properties:

• Your risk tolerance: If you are not very worried about being sued, you may not need the best level of protection. However, if you are worried about being sued, you should use the best level of protection that you can afford.
• Your state laws: The laws governing asset protection vary from state to state. You should consult with an attorney in your state to make sure that you are using the best asset protection strategy for your situation.
• Your budget: The cost of asset protection can vary depending on the type of protection that you choose. You should make sure that you can afford the cost of the protection that you choose.
  
  
• If you need help doing this, please send me a DM Id be more then happy to assist! 

Hey Hayden, many accountants can work in other states, they don't need to be living there or even have an office there to do great work. For example, we have several clients focused on real estate investing that we do great work for outside of our main office in Manassas VA. I hope that allows you to broaden your search!

 Thank you sir! That i would also put under the "best" tier. Wyoming and Deleware are great options for these 

Hello Gina! Please tell me you are not filing your taxes yourself! At this level of sophistication (I think I speak for everyone here) you should strongly consider an accountant for this. If you accountant doesn't know, perhaps consider a more real estate/asset protection focused accountant. 

 100% agree with this. I lost over 500k in my personal investing journey because I chased the wrong things to save money on taxes and ended up getting scammed. Learn from me please! 

Hey Mike! You may want to consider a smaller firm. Similar to an index fund, you can get 90% of the value simply by picking one firm with fair fees and sticking with it, rather than going to "managed" world. Just my two cents!