Don't Do This With your Rental LLC - 4 Critical LLC Real Estate Investor Mistakes

Clint Coons Esq. | Real Estate Asset Protection

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In today's video let's have a chat about the 4 CRITICAL LLC real estate investor mistakes!
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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.
#rentalproperty #llcmistakes #andersonadvisors

Опубликовано:

30 июл 2024

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Комментарии : 68

@ClintCoons 6 месяцев назад

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/cap

@wslwang 2 года назад

Thank you so much for your info. I learned a lot and you answer lots of question that I am having now.

@ClintCoons 2 года назад

Glad it was helpful!

@bennyacosta1560 2 года назад

Thank you so very much for what you do. I must admit that most of this information flies right over my head because it seems so very complex. However, because you made the video I get to watch it several times until I can understand it. Thank you very much for educating this simple man on very complex subjects.

@ClintCoons 2 года назад

Wonderful!

@joanapartosa5006 2 года назад

This is very informative, Clint! You helped us thru your videos.

@ClintCoons 2 года назад

Glad it was helpful!

@kwannp6141 2 года назад

Thank you Clint!

@memyselfandi1844 2 года назад

Clint, thank you so much for these videos. I've learned so much from you and Toby over the years. However, I would like your perspective on a proper structure for a car rental (Turo) business. Can you do a video on that?

@ClintCoons 2 года назад

Noted

@justinsmith1572 Год назад

I'm one of their platinum clients! They are fantastic!

@303Estates 2 года назад

Great job as usual!!! Which video of yours explains whether to be member managed LLC vs owner managed?

@ClintCoons 2 года назад

Here you go: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-iM9T5R4qHqo.html

@BillCoSmith 2 года назад

Thanks for the video. LLC’s in Tennessee cost about 750.00 a year per LLC. If I only have 4 properties for the foreseeable future. That’s a lot of money on top of insurance and maintenance costs. I’m just having a hard time justifying the extra expense. One or two I can handle, but 4 seams a bit much

@ClintCoons 2 года назад

I would use a series in TN and be careful to ensure they comply with FONCE so you do not have to pay a franchise tax.

@metaversemusician106 Год назад

Who is charging you $750 per yr? I have 5 in TN and it's only $300 to renew. No franchise taxes on fonce exemption. Even without that it's only $100. Even if it was $750 x 4 = $3000 per yr. It's a small price to pay for separation and isolation of the assets. $3000 is peanuts compared to losing the entire net worth of an LLC that has too many exposed assets. I don't understand why so many people have this point of view when it comes to protection of assets. It's similar to being under insured to save a few thousand bucks while possibly risking millions in losses from a catastrophe.

@metaversemusician106 Год назад

Clint, I really enjoy watching yours and Toby's videos. I have a property in Big Bear and would love to swing over to Vegas sometime and grab a bite or drink and pick either of your brains. Lots of great information on here!

@manumon816 2 года назад

Thanks for the info Clint. Question about flips and LLC: Do I need to register my LLC as a foreign entity in every state I do a fix/flip in?

@ClintCoons 2 года назад

No unless title makes you register at closing.

@VeritasLux Год назад

Are there any issues with using a special vs general warranty deed in this case? It seems like a special warranty deed would suffice, but I’m not sure if it also voids previous title insurance like a quitclaim deed would. Thanks for the great content!

@ClintCoons Год назад

Both are fine.

@d.e.brenner2930 2 года назад

thanks!!!

@ClintCoons 2 года назад

You're welcome!

@martinezbrandon32 Год назад

Very informative, I’m reading everywhere to contact a lender before transferring to prevent due on clause. I’m currently living in my house but will move out in a month and would like to rent it out and have it under an LLC. Any further guidance on this. Thanks just subscribed to your channel too!!

@ClintCoons Год назад

If your loan is underwritten with Freddie/fannie guidelines you can transfer it. To be safe I would use a land trust to hold title then place the land trust in an LLC.

@WesternNyBigfoot Год назад

Loans after properties in llc are hard expensive and commercial

@d.freedman5981 2 года назад

Thank you for this video Clint. Everywhere I read (Roofstock Academy, etc..) it says contact your lender. How can I get more info on point number one?

@ClintCoons 2 года назад

You can but there is absolutely no reason to do so.

@duracell87 2 года назад

Thanks for the video

@ClintCoons 2 года назад

You bet

@eddyeroyal6024 2 года назад

I am looking at setting a Investment Company to handle Real Estate, both types. I was thinking about S-Corp?

@ClintCoons 2 года назад

Eddye I suggest you consult with a CPA but generally speaking an S-Corporation can be advantageous from a tax perspective.

@MrAngryOldFart 2 года назад

I thought that in older videos you advised to put the property into a trust and then you could move it at will without needing to record anything outside of your own records. Did something change?

@ClintCoons 2 года назад

You can use the trust but if you need to take the property back out of the trust in the future for a refi it could result in a taxable transfer or reassessment because the trust beneficiary changed from an LLC to your or LLC #2.

@angelaasas Год назад

Thank you. Is it good idea to do LLC in NY for short rental property in Spain?

@ClintCoons Год назад

No. You would want to check with a Spanish attorney on the best solution.

@angelaasas Год назад

@@ClintCoons I been told to open in USA and then register in Spain is the best option. I try to see if this is easier and better way . Thank you again

@howtolife5276 2 года назад

Great video, I’m trying to buy a property for midterm rentals, and I was going to create an LLC and create a business plan so I can apply for funding since I don’t have enough money for potential down payment, closing cost etc. in NJ, would this be a good idea? In my situation being properly funded is most important to me

@ClintCoons 2 года назад

The LLC will not help you acquire a property but you should look for a non qualified mortgage lender. There are some products, based on your credit score, that only require 10% down on investment properties.

@howtolife5276 2 года назад

@@ClintCoons thanks

@thuyyuen2897 2 года назад

What should We do now if we already did a quit claim deed?

@ClintCoons 2 года назад

Nothing at this point. A lot of people use this type of deed and it only comes back to bite someone on a rare occasion. I just want people to know that in the future consider a warranty deed.

@terrycrawford6740 2 года назад

When I transferred my principal residence, I used a Grant Deed instead of a Warranty Deed. Did I lose anything by doing so? Thanks.

@ClintCoons 2 года назад

@structuresspecialist9743 Год назад

Rather than having to sue yourself due to a title defect, is an alternative approach to extend title insurance coverage to the LLC? This is done with an additional insured endorsement to the existing title policy?

@ClintCoons Год назад

Yes you can do that and it is not expensive.

@d.freedman5981 2 года назад

For item number 1 are we still separate from the LLC entity if we do it this way?

@ClintCoons 2 года назад

Yes. The loan is not relevant.

@stickznbrickz Год назад

I just called my lender and they said I'm unable to transfer property into an LLC, a couple days ago 🤦🏻‍♂️ wish I saw this video prior to that. Is there a way I am able to still transfer deed into LLC?

@ClintCoons Год назад

Is it an investment property?

@upintheair88 2 года назад

If you do the warranty deed and move the property from personal to the LLC do you also have to tell the home insurance company?

@ClintCoons 2 года назад

Yes you should update your insurance.

@AdrianButler86 2 года назад

@@ClintCoons why is that?

@ClintCoons 2 года назад

@@AdrianButler86 So the LLC is named as an insured and covered in the event of a lawsuit.

@AdrianButler86 2 года назад

@@ClintCoons oh yea duh.. ofcourse lol.

@joelrosa3852 2 года назад

What professional would you seek out for consultation regarding these strategies? An attorney? CPA?

@sred5856 2 года назад

u can talk to Anderson directly or email them

@ClintCoons 2 года назад

If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@melissap.9404 2 года назад

Does deeding your property to a LLC affect your property taxes?

@ClintCoons 2 года назад

It does not provided the transfer is exempt.

@infamist 2 года назад

Hi Clint, I made an appointment with your firm and waited 2 weeks for my appointment. The firm never provided instructions on how to make the call or provided me with a username and password for the portal the link sent me to. Please help.

@ClintCoons 2 года назад

Chris reach out to my assistant Deborah Lewis (dlewis@andersonadvisors.com) and she will have someone reach out to you. I apologize for the delay.