Posted by Melony on November 12, 2000 at 09:00:39:
Thanks! I had forgotten about that Website! If I remember correctly, its excellent!
I Need Asset Protection Advice… - Posted by Melony_FL
Posted by Melony_FL on November 11, 2000 at 07:46:29:
I have been a Landlord for over 5 years, and all of my properties are held in my name. However, I recently had an incident with a tenant that presses home the need for personal pretection from my tenants. My future plans also include rehab projects, as I will soon retire from my job (at age 40…Yea!) to do real estate full time. I HAVE to get my act together as far as business set-up ASAP. Since I have several balloon mortgages coming due in 2001, I can refinance them into my “business”. I keep reading, and reading about corporations (C’s and S’s), LCC’s, etc, but cannot get a handle on which one is right for the RE investor and why! Can anyone share their experience with me, why you chose your from of business, and any good/bad experiences that I should be aware of? Thanks in advance for your help!
Re: I Need Asset Protection Advice… - Posted by B.L.Renfrow
Posted by B.L.Renfrow on November 11, 2000 at 23:30:58:
Bill Bronchick has a whole course on asset protection. It’s very understandable and answers all your questions and more…well worth the price.
Brian (NY)
Re: I Need Asset Protection Advice… - Posted by dewCO
Posted by dewCO on November 11, 2000 at 21:06:19:
C corp for flipping and LLC for holding is what most here have been saying. Check out Bill Bronchick’s info at legalwiz.com
Re: I Need Asset Protection Advice… - Posted by Randy M
Posted by Randy M on November 11, 2000 at 08:36:57:
PBoone has some great information for you. Also, if you want to have COMPLETE asset protection, consider forming one or more irrevocable trusts. This is how the ultra-rich control their assets. In essence, you own nothing but get the benefits from all of the assets. It’s a brilliant way to really protect your assets. Then your LLC could manage the properties on behalf of the trust - for a fee of course - you take that income and have flow-through income from the trust. You never want a trust to retain income because the tax rates will kill you.
Re: I Need Asset Protection Advice… - Posted by PBoone
Posted by PBoone on November 11, 2000 at 08:04:20:
Talk to your accountant first but we place all of our Rentals in the LLC (pass thru tax for husband wife)and Resales in C-Corp (15% vs 28% tax liability)
The new loans for SFR’s will still go to you personally.
Pat