Buying Flip Property With a LLC

Clint Coons Esq. | Real Estate Asset Protection

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Do you how to set up your LLC the right way to purchase a property you intend to fix and flip? In this video, I will explain the various ways to acquire real estate using a limited liability company and the challenges you will face when using lenders to finance your deals.
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ABOUT CLINT COONS
Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

Опубликовано:

18 мар 2018

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Комментарии : 49

@ClintCoons 4 месяца назад

Join us for our FREE upcoming Tax & Asset Protection workshop to better help you meet your goals and secure your future 👉aba.link/19v

@alexcalderon7563 6 лет назад

Thank you ! What an awesome video you put together . Great guy.

@ElizabethGalarza1 2 года назад

Thanks for all the great information. I already have a C-Corp in Texas unrelated to real estate. I want to buy a property to flip. Can I establish a Wyoming LLC, have my C-Corp lend the money to operate and the down payment, get a hard money loan, sell the property, pay both loans and bring the profit if any to the C-Corp?

@jamesandy47 3 года назад

This was great.

@theblindtraveler6388 5 лет назад

I love this video

@albertb5863 5 лет назад

Hey Clint can you do a video with WY LLC showing the “organizer,” on the state SOS website ? It doesn’t show member or manager but I do notice it shows organizer.

@amp7816 6 лет назад

Clint: At the 5:40 mark you state that we would not lose anonymity since the LLC is in WY however, if the flip is, e.g., located in CA the you would have to register to do business in CA in order to close escrow on purchase and now you lose anonymity. Am I correct?

@sachastayswi Год назад

Happy Bday! Nicolo says hi 🤟

@ClintCoons Год назад

Thank you sir.

@Jdidddd 6 лет назад

You mentioned that you don't want to be labeled a "dealer". Are you saying this strategy would allow you to minimise or possibly eliminate FICA taxes?

@primproper1955 4 года назад

Where is the link to the long term? Whats that video's name?

@Eric_In_SF 3 года назад

Thanks!

@ClintCoons 3 года назад

Welcome!

@FranciscoSanchez-wy3lh 3 года назад

Are you able to use examples with numbers?? Like $100k profit( in CA)

@Davion_savant Год назад

Hello as you mentioned @3:34 what's the difference between having to file in the state where the real estate is vs. Being able to purchase the real estate via a WY llc to flip ?

@ClintCoons Год назад

In the first scenario you are conducting regular business activity in the state e.g., renting. In the second it is an isolated transaction.

@sweettiersify 5 лет назад

What do you write in the operating agreement for the temporary LLC. I wanted to set one up myself but my closing attorney says they have to set it up to make sure the operating agreement is correct. But what should be required in an operating agreement when your only setting it up just to sell it??

@ClintCoons 5 лет назад

Not sure what the closing attorney is referring to but typically you need language addressing the nature of the project, who has authority to sell, who are the managers/members and their obligations.

@Davion_savant Год назад

Hello Clint by chance do you know if you have any other videos about the out of state investing entity structure for buying real estate out of state?

@ClintCoons Год назад

Love the topic. I will add it to my list. I do have various videos discussing this but nothing that I can point to.

@giovannierivera7046 5 лет назад

So if I'm getting ready to fix and flip a property using HardMoney in Florida I would create a Wyoming LLC? Or just create a Florida LLC and list me as the member and manager?

@ClintCoons 5 лет назад

Depends. If you live in Florida you can set up a Florida LLC if anonymity is not a concern. Make sure the LLC is treated as a S or C corporation for tax purposes.

@lukesreef8510 4 года назад

@@ClintCoons Why would S-Corp or C-Corp be necessary or recommended here for the temporary LLC (closing entity after sale), or even the underlying longer term entity (not closing entity) ? Why can't they both be setup as Single member LLC's ?? I understand your point about "assigning" after financing, but still, why are you saying S-Corp or C-Corp ??

@ClintCoons 4 года назад

@@lukesreef8510 The temp LLC is disregarded. The corporation is the entity that files a tax return.

@jimfranklin3885 5 лет назад

How hard is it to change a S corp into a C corp or vice versa if your circumstances change?

@ClintCoons 5 лет назад

You file an 8832 change of accounting election within 75 days after the end of your existing tax year. Once you switch you must maintain the election for 5 years. Before making any change to your tax status you must consult a tax advisor because switching between a c and s can have serious tax implications.

@sykritmanuwva4472 6 лет назад

So,,,question Clint,Would i use my own name as if I didn't have an LLC,,OR use my LLC TO get Hard Money Loan????? Not quite sure whats the difference in the demonstration you're using????? (MAKE IT CLEAR)...Then you say assign it to a "Corp" so is this a different entiy that needs to be set up,,,,,or you say use another form to assign my interest to this "Corp" Where can i find this Form,,,(paper)????

@sykritmanuwva4472 6 лет назад

SO I'M JUST USING MY NAME NO LLC'S MENTIONED???

@sykritmanuwva4472 6 лет назад

My asset protected LLC correct,,,,,,? HUUUM.........GOOD STUFF!

@theodoraauwae5085 Год назад

Hey Clint. So if I'm flipping in Hawaii then I should have a Hawaii LLC taxed as a corporation but use a WY LLC to close the deal with my HML & wait until after closing on the deal to assign it to my Hawaii LLC correct? This is smart because banks wont let you open & close LLC for every flip since its short term.

@ClintCoons Год назад

Correct. However in HI if your WY LLC does not register prior to you selling the property HI will hold back $$$ for taxes on the sale.

@theodoraauwae5085 Год назад

Ah ok thank you. So I would have to file the wy LLC as a foreign entity first to use it to flip in Hawaii.

@DarrellReevesLiving 4 года назад

I am looking to create an entity to pool in investors for short to long term investment flips. However, when I say, Short Term, I mean 2 years because I am going to live in the property for 2 years, complete the work with some sweat equity (painting, landscaping type stuff - cosmetic) and then sell it and then use the money for the next deal. I save money on high rent in Los Angeles, and my investors get a cut of the profit based on their % invested. I live in Los Angeles #California and these investments would be in #BeverlyHills or #LosAngeles. I'm wondering what would be the best way to go here? LLC or S-Corp? For Taxation Purposes, since I'm living in the home for 2 years as a primary residence, is there a benefit there to avoid capital gains? Or is that off the table with the scenario here?

@ClintCoons 3 года назад

Disregarded LLC to preserve you 121 capital gain exclusion.

@redajanah95 2 года назад

So just to clarify if I live in nyc I can set up an LLC in nyc and buy properties in any other states if it’s a buy and quick flip using a hard money lender

@ClintCoons 2 года назад

Yes you can.

@DaGenius86 2 года назад

So a WY LLC only keeps the owners info anonymous for the 1st yr? Which states keep it hidden indefinitely?

@ClintCoons 2 года назад

WY keeps it anonymous each year as does DE.

@paulrowe4502 4 года назад

Is it true that many hard money lenders will not lend to single member LLCs?

@ClintCoons 4 года назад

Not at all.

@Whatever0704 4 месяца назад

If I am just doing a few flips a year. Can I just create Wyoming LLC for each flip? And not even have any parent LLC. After the flip is complete, I dissolve the LLC and create a new one for the next flip

@ClintCoons 4 месяца назад

Yes but you need the parent LLC to keep yourself from being tagged as a dealer. The parent LLC will be set up as a corporation for tax purposes.

@Whatever0704 4 месяца назад

@@ClintCoons Thanks for the quick reply.

@brcam2013 4 года назад

No offense man, but you contradict and provide so much mismatch advice on your videos, its literally confusing, is that the point so that we will need to call you for further clarification? In this video you suggest that the Wyoming LLC is owned by the Texas LLC, but in other videos you've strongly suggested that Wyoming should come first and that it should then own the Texas entities. In your own words in a previous video "Once the horse has left the barn, there's no returning" in relation to the anonymity that Wyoming provides and why we should start first with the Wyoming LLC. It's exhausting. You make great suggestions, but the more your audience watches your videos, the more things become blurry.

@ClintCoons 4 года назад

My videos are strategy driven. The one thing about RE investing is it is not a "one size fits all" structure. In this video we discuss the flipping of property and in the other you viewed it probably dealt with buy and hold. I know it can be confusing thus you should consider a strategy session or come out to one of our 3 day tax and Asset protection workshops for real estate investors.