All Forum Posts by: Account Closed

 Love it! This defiantly would fall among the "Best" tier 

Hey Todd, what sort of specific problem can I help with? I also sent a DM to chat more. Im here to help! 

 Hey David. I love this answer. I was an engineer before I owned by firm and this made me chuckle

Now that you have an asset, let's talk about asset protection. Below are a few strategies I've ranked from worst to best, which offer varying levels of protection. 

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.

Hey Mike. We specialize in working with real estate investors and small business owners investing in real estate across the US. Please consider checking out my bio for our website! If you have any questions I'm here to help. 

Congrats from one Zack to another! The best thing you can do is talk with a good accountant first. That way you can learn the most tax-advantaged strategies so that when you ultimately decide on your path forward, you have considered the tax implications of that strategy. Real estate + a good tax pro is a powerful tool to massively reduce your biggest expense: taxes. It would be wise investing at these amounts to consider that first. If you would like to chat more about this please DM! 

Im not sure why this investor is asking for this, you will need to provide more context: 

You will need to fill out a W-9 form if you:

• Classify yourself as an independent contractor or “freelancer.”
• Are not a full-time employee of the business.
• Will be paid more than $600 for work provided to the business.
  

Is this investor a GP in the business rendering services of any kind? 

 Hello fellow Zach! 

Are you currently taking advantage of the STR loophole? This is something we can help you with, as we do this all day for our current clients. We are currently accepting new clients, if you feel inclined please consider checking out my bio for our website, and reaching out via the contact form.

Im happy to answer any questions you may have around that here as well! 

With respect and gratitude, 

Zack 

I would say after the first property, its a good time to start looking. You want to find a tax professional that is going to grow with you, and be familiar with your situation. usually, firms that don't work with smaller people charge higher fees. At the same time, you want access to these higher level strategies as you grow, so its a balancing act. 

We have clients ranging from 1-30 properties of all sizes and try to grow with our clients.

 we also recommend clients use MileIQ. Great app!