Should You Move Your Rental Properties Into An LLC?

Clint Coons Esq. | Real Estate Asset Protection

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When is it appropriate to place one rental property into an LLC? If your looking to make a name for yourself in the real estate world then there is a pretty good chance you're going to need a business entity to back your practices up.
You may be plagued with questions like…
“Should I move my rental property into a Limited Liability Company?” 0:07
What are my alternative choices to an LLC?
Why do I need an entity at all?
And so on and so forth.
Wouldn't it be grand to have an experienced lawyer with years of experience and knowledge to answer your questions right now? Well Clint Coons, Esq. is the very answer to when or when not to move property into an LLC.
Listen up, friends. It's important to have a business entity in place when renting out your property. While the LLC is the most common type of entity it isn't always best for everyone.
Watch the video above to learn more about the LLC and when it's best to use it.
Our channel is a cornucopia of information, so please consider subscribing to the channel for more great resources like this one. It would also really help our channel grow if you like our content.
Are there any questions you have about the LLC? Please leave them in the comment section below. We'll do our best to answer them as soon as possible.
We hope you enjoyed our video, and we look forward to helping you with any legal needs in the near future.
Show Notes
0:00 Intro
0:27 Should You Utilize An LLC
3:33 When Not To Use An LLC
5:37 Outro
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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.
#llc #rentalproperty #anonymity

Опубликовано:

10 июл 2024

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Комментарии : 140

@ClintCoons 6 месяцев назад

Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/3b0c9d

@shohamsaha1 Год назад

Fantastically explained. Concise and to the point. No beating around the bush.

@ClintCoons 11 месяцев назад

@shohamsaha1 Thanks for watching.

@BTCnREI Год назад

Very informative! Good stuff. Thank you Sir!

@ClintCoons Год назад

JR D Thanks for watching.

@dmez7020 6 месяцев назад

Thanks Clint!

@khackney86 Год назад

Clint you are the man

@zackdaniels5523 Месяц назад

I’m into my first rental property and this is exactly what I needed thank you so much!

@ClintCoons Месяц назад

Glad it was helpful!

@zillerruss 6 месяцев назад

Amazing information

@jeanettestandard3832 Год назад

I can wait to start investing in tax deeds and liens so I can have you guys help keep me protected and aware I just love the content your awesome

@ClintCoons Год назад

Jeanette Standard Thanks for watching.

@Metaman9000 9 месяцев назад

Great video!

@ClintCoons 9 месяцев назад

Thanks!

@romegq Год назад

Happy New Year Clint. I enjoy your videos, please continue the content. Question, with regards to a rental in the states of PA and CT, is you're company available to place that also into a Wyoming LLC?

@ClintCoons Год назад

Yes, absolutely

@romegq Год назад

@Clint Coons Esq. | Real Estate Asset Protection thank you for your prompt reply. I'll definitely contact the office this week!

@nguye1971 Год назад

Great tip as always. Thanks Clint What is the impact on title insurance if transferring the property into an LLC?

@ClintCoons Год назад

Use a warranty deed and the protection will carry (if title is encumbered before you purchased your LLC will seek recovery through you) but the best method would be to obtain a rider from your title company.

@mmdwyertravel Год назад

Hi Clint- thanks for the great videos! These have been tremendously helpful. If I have a conventional mortgage on my rental investment, am I allowed to change the title / deed to my LLC (if I am the only member of the LLC)? Or, will that trigger cash due on sale (i.e. will I have to pay off the mortgage)? This is something we've had trouble finding clarification on.

@ClintCoons Год назад

If it is a freddie/fannie underwritten loan it is allowed. Another option is to use a land trust and place the land trust in the LLC

@RNatelli89 11 месяцев назад

Awesome video, quick and easy to understand, thank you! Question; If I purchase a property in cash under my personal name, can I/should I refinance under an LLC? Just purchased my first property and I am trying to understand how to set myself up properly moving forward, thanks!

@ClintCoons 11 месяцев назад

Depends on the type of loan you are going for. If freddi/fannie conventional then reif under your own name.

@fanatic4hockey 6 месяцев назад

Good advice at the end. I need to refinance my FHA duplex. A year passed and have them both rented out now. This mortgage insurance is killing me. I'm also scared to refinance and then move it to an LLC because of the rumored due on sale clause. However unlikely it is, it may still happen.

@ClintCoons 6 месяцев назад

Use a land trust to minimize the concern.

@fanatic4hockey 6 месяцев назад

@ClintCoons From FHA to a land trust? I acquired the duplex via house-hack, hence the FHA loan. Now, both units are rented out. As stated earlier, I want to remove my mortgage insurance via refinance because I did a lot of work to the home, and I'm sure it exceeds 20% equity because of the rehab. Rates are coming down a little and beginning to re-think of financing. But i also, want to get this into an LLC. Is a trust under an LLC's umbrella?

@navidsoroush8777 3 месяца назад

I bought a prjmary that now I rent. I have a large umbrella coverage. Do you recommend an LLC for the now rental unit and is there a wallet friendly way of doing so? Does it require transfer of ownership? That’s be at least a few percent of assessed value in my locality. Thanks!

@deancoronado4898 Год назад

Is there any reason you prefer starting an LLC in Wyoming vs Delaware or Nevada? I've done some research toward starting several LLC's, and Nevada seems to be the one best suited for my needs, both for taxes and asset protection.

@ClintCoons Год назад

It is difficult to obtain anonymity with a Nevada LLC without using a nominee manager. A nominee manager can make it difficult to open a bank account for your LLC. I would prefer to use WY or DE.

@pablobarrerarowley2188 3 месяца назад

That was kind of confusing. You stated the argument as owner and as a rental property. Even though they can be put both independently under your LLC there are deferent consequences and procedures. I think that's something that need to be clarified. Other than that, that's a good stuff.

@impacttheworld8713 Год назад

Thank you for the video! How do I switch property from personal name to LLC? and whats the cost? Thank you Clint!

@ClintCoons Год назад

You would deed the property but depending on the state you may want to consider using a land trust to avoid transfer taxes. If you would like a FREE 30-minute consultation to discuss your situation in more detail, you can request one here - aba.link/30minSession

@aminsalehi6323 Год назад

Hi Clint, Thank you for putting out great contents. Do you have a recommendation on how to put rental properties into LLC and avoid transfer tax? you have talked about using land trusts in your other videos, but some states like Pennsylvania are not trust friendly and you still need to pay 2% transfer tax even using land trusts.

@ClintCoons Год назад

You execute a deed but do not record it. It is the recording that triggers the tax. I would then run all the rents and expenses through the LLC. The mistake many people make is thinking a deed must be recorded to make the transfer effective. Recording is not a requirement to transfer real estate.

@theofficialgaro Год назад

@@ClintCoons so what you are saying that it does not matter if the lender allows or not to transfer the deed to a LLC. This can be done without recording? Who transfers the property deed to the LLC without recording? A lawyer, an accountant, a title company?

@ClintCoons Год назад

@@theofficialgaro All you need is someone to prepare the deed. Either of the parties you mentioned can prepare a deed (maybe not the CPA)

@g9351 Год назад

I watched your other video. When the charging order from the rental property occurs, then you have to record the deed to LLC and pay the transfer tax immediately. My question is " What's the role of the Holding LLC in this"?

@ClintCoons Год назад

@@g9351 Anonymity for the property holding LLC

@alirezashahabi5759 Год назад

Thanks for the great video Clint! A main question is can the lender stops me from moving my rental into an LLC? I buy my rentals as owner occupied to take advantage of lower downpayment and lower rate, but what would the bank say if I move it to an llc? or how long after I buy the property I can move it to an llc without triggering rate hike?

@ClintCoons Год назад

No the lender can not stop you. If you buy as owner occupied you must wait 1 year to fall under the Freddie Fannie "due on sale protection". I would consider using a land trust then assign the land trust to an LLC as a work around.

@johnyoung1095 Год назад

Hey Clint - videos are awesome. I have 3 properties that I own in my personal name. I'm in the process of a cashout refi on one of the properties that will allow me to payoff the other two mortgages. I believe using the llc loan to pay off mortgages in my personal name will trigger a taxable event for me. Do you have any suggestions how to accomplish moving the property to the LLC and paying off the other mortgages?

@ClintCoons 11 месяцев назад

Land trusts all the way.

@chrisrojas7521 10 месяцев назад

Question on the Cash Out Refi in an LLC. You mentioned if i plan on doing it within 6-12 months its not a good idea. Well, if i wait longer maybe 18-24 months, will it work out?

@ClintCoons 10 месяцев назад

Yes that is fine.

@PursuingTheBest Год назад

Great videos Client. Quick question, Can I stay in my own investment property when not renting it out? Are there any restrictions on this? Ie… if we rent out property for 6months of the year and want to stay in it for 6months are selves. Any depreciation or other tax impacts if allowed to stay in it ourselves?

@ClintCoons Год назад

Yes you can stay in it but the tax deductions will be limited because of your use.

@sbphil33 Год назад

Clint where's the link for the 45 min strategy advisory? I've been trying to reach you for sometime. Love your videos. I just have questions and would like to talk over the phone with one of your advisors or you!

@ClintCoons Год назад

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

@g9351 Год назад

Hi Clint, Thanks for making excellent videos with great info in real estate management. Is it a good idea of having an established Holding LLC own multiple properties first and deed transfer to each sub LLC when it's created? What are the pros and cons in this?

@g9351 Год назад

I believe a lot of people have had numbers of rental properties in one LLC, but now they want to create new sub LLCs to own these rentals separately after watching your videos. Is this having some tax issues?

@ClintCoons Год назад

The problem with the holding LLC owning the real estate initially then deeding to the sub LLCs is you will lose any anonymity because you will sign the deed as the grantor (on behalf of your holding LLC). Second, in some states there may be a transfer tax from LLC to LLC so this would make it more expensive to take this approach.

@ClintCoons Год назад

I would use land trusts and assign the land trusts to the new LLCs. I have a video on land trusts uses that covers this strategy.

@richardtruitt4646 Год назад

for the Wyoming LLC to be taxed as a partnership, don't I have to have at least two members? so do I list myself individually and also my trust or another LLC as the other member?

@ClintCoons Год назад

Yes you need two members but it can not be you and your trust unless your trust has a second beneficiary.

@jackdaylon Год назад

You mentioned the six month seasoning period, however if the property is pur chased under an LLC with an all cash offer (not using any financing) is this still subject to the six month seasoning period?

@ClintCoons Год назад

Depends. Freddie will allow tacking of ownership if you need to pull it out of an LLC but some lenders will not follow this guidance. If you refi in the LLC not an issue.

@KarlChristofferson Год назад

very good information. I have a question. If i buy a property with 25% down payment. The 25% is after taxed money. Can i get my down payment back with rents? what if i borrowed the money from family, i wouldnt want to pay family back with rent that has been taxed a 2nd time.

@ClintCoons Год назад

The rental income is taxable but depreciation can offset most of your taxable income. The repayment of principal to your family is not taxable.

@alexseminario190 8 месяцев назад

Great video Clint! I appreciate all the information! I have a question sir, I have a rental property under my name in California that is paid off and I’m looking into getting a HELOC on it to invest in more real estate . Should I keep this rental under my name for now and hold off on putting in it on an LLC or Would you recommend putting it in a personal living trust. Would a personal living trust give me asset protection? Thanks!

@ClintCoons 8 месяцев назад

If you are looking to obtain a HELOC in the near future I would hold off on moving it into any entity because you will most likely need to pull it back out. After you obtain the HELOC I would place it in an LLC that is ultimately held by your living trust.

@RicardoHernandez-zr1pw 4 месяца назад

Why does it have to be Wyoming?

@AGILISFPV 3 месяца назад

What changes when talking now about commercial real estate rental properties nstead of residential rental?

@ClintCoons 3 месяца назад

Changes will depend on how long you plan to hold the property. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@olearysteve04005 2 месяца назад

With a llc, do we pay fica social security? Currently, I don't. Also, I live in the multiunit. Does this matter?

@ClintCoons 2 месяца назад

Only if you are running an active business.

@dmez7020 6 месяцев назад

What if mortgage in personal name? Does this matter? How does irs view an llc doing all the operating while it doesnt own it? Should there be a lease that llc pays to owner?

@ClintCoons 6 месяцев назад

It does not matter if the mortgage remains in your name. Everything flows through the LLC to you personally. An LLC operating a property and collecting the income on behalf of the owner is no different than using a third party property manager to perform a similar service.

@jakedecker3581 Год назад

Hey Clint, Question about the ReFI: If I know that I’m going to ReFi my property in the next 12 months so I don’t move my property into an LLC… can I still open an LLC and run all income and expenses through that LLC for tax purposes? Even the LLC doesn’t own/hold the property?

@ClintCoons Год назад

You could but it will all flow to your 1040. The LLC is just a conduit. If you are thinking you can have the accounting done at the LLC level and keep it off your return that will not work because you are the owner of the property.

@jorgegiraldo4502 6 месяцев назад

They can still qualify for a non qm cash out refi

@Acclvr 8 месяцев назад

Just to be clear. If I want to refi and use equity. I wait 6 months, then refi? Will the bank be ok with me switching it over to an llc after I’ve used it to refinance to get equity money to reinvest in another property?

@ClintCoons 8 месяцев назад

Yes if it is a conventional loan.

@The.blondest_brunette. 2 месяца назад

Good afternoon Clint. FANTASTIC videos and new follower here, Thank you very much! I have a question for you. I'm on the process of closing our first rental property (Airbnb, Verb, etc)in a week. We got a Conventional loan but want to change it to a LLC. How long do I have to wait after closing to change it? Thank you so much.

@ClintCoons 2 месяца назад

I would wait a month and use a land trust into a LLC.

@The.blondest_brunette. 2 месяца назад

@@ClintCoons Thank you so much I really really appreciated and can you change it into a land trust even if is a condo? Thank you again and what State are you located it?

@ClintCoons 2 месяца назад

@@The.blondest_brunette. We have offices in WA, NV, UT, and WY

@starmaster9771 10 месяцев назад

Great Video! are you able to use a Wyoming LLC and get it's benefits even if you and your property are not in Wyoming?

@ClintCoons 10 месяцев назад

Yes. The WY LLC offer great asset protection for members (owners).

@user-lo8mv3th7g 8 месяцев назад

What if i don't want to refinance now but maybe in 2-5 years? Then it can be a problem to do that if I moved it to an LLC and put that llc under Wyoming llc?

@ClintCoons 8 месяцев назад

No you will pull the property out of the LLC prior to the refi.

@cheribarker1870 Год назад

Why Wyoming?

@letsplaymusic817 Год назад

So a Wyoming llc helps you build a platform that is impressive to lender , correct me if I am wrong. What does the Wyoming llc do , a bit confused there.

@ClintCoons Год назад

The Wy LLC builds anonymity and increase asset protection but it may not help with lenders.

@soolly357 Год назад

Should you put in under a non disclosure LLC or just a regulated LLC?

@ClintCoons Год назад

I do not understand what you are referring to.

@candycane4852 Год назад

Las Vegas NV is a rip off for LLC I use to have one

@mattjacobson2418 Год назад

Thanks a lot Clint for the video, Regarding transferring Title from your personal name into an LLC, I see how Fannie/Freddie are now allowing this transfer, assuming the original borrower controls the new LLC. Is it permissible for the new LLC to be controlled by a new parent LLC, which is then in turn controlled by the original borrower?

@ClintCoons Год назад

That is my interpretation.

@RAA3548 Месяц назад

Amazing Video ? If I had the my rental property for 2 years and now 2024 want to transfer into an LLC . If I decide to refi next year will I still have to pull it out from LLC ? Asking because you stated don’t transfer to early. Thank you !

@ClintCoons Месяц назад

Yes. Moving in and out of an LLC is typically not an issue, but in some states, it could result in a taxable transfer.

@RAA3548 Месяц назад

@@ClintCoons Thank You!

@letsplaymusic817 Год назад

Does the Wyoming llc remove the tax by partnership with them or do they cause it to be underwritten

@ClintCoons Год назад

I am not sure. Could you restate the question?

@ca44gmail Год назад

When you set up your Wyoming LLC what address should show up on my LLC certificate?

@ClintCoons Год назад

You should use s WY address. We provide this to our clients.

@steverino27 8 дней назад

what if you expect to do a cash out refi 2-3 years down the road?

@ClintCoons 8 дней назад

I would move it into a land trust and then place the land trust into the LLC

@lukephelps2735 6 месяцев назад

Great Content as always Clint - I've tried getting conventional financing on rental properties in the past but have been turned down by several banks because I had 10+ properties owned. They were all owned in my own name, does moving them into an LLC help me out in this scenario?

@ClintCoons 6 месяцев назад

No but consider a DSCR loan.

@lukephelps2735 6 месяцев назад

@@ClintCoons I think you've previously mentioned a structure where I could get issued a W-2, even though I'd be the sole owner of the LLCs? I've got a Wyoming holding company set up, would taxing it as C-corp or an S-corp achieve that?

@ClintCoons 6 месяцев назад

@@lukephelps2735 Yes, if you set up your entity as an S or C and take a salary from the business then you will receive a w-2.

@freedomlife3298 Месяц назад

Hi, Clint. Im wonder, If you have the loan under your personal name, and transfer the title into LLC, how do you pay the loan? Because looks like company shouldn't be paying any personal loans. Also WY LLC couldn't protect your name anymore, because property's loan is under your personal name.

@ClintCoons 29 дней назад

You can pay the loan from the LLC because the LLC will assume the loan with the asset.

@structuresspecialist9743 Год назад

When preparing deed for transfer into LLC, what is the consideration amount to put on deed? $1 or a realistic sales price?

@ClintCoons Год назад

$1 and other good consideration is typical

@structuresspecialist9743 Год назад

@@ClintCoons Does $1 undermine the goal of anonymity? It is apparent that you are transferring the property to your LLC rather than actual sale to 3rd party. Is my thinking off?

@ClintCoons Год назад

@@structuresspecialist9743 Many deeds do not recite the consideration paid for the property. $1 is a common practice.

@masscomnet Год назад

Hi Clint, really appreciate your video. I have "heard" of people selling back investment properties held inside LLCs (to themselves) for a $1. Is that real? If so, what's the benefit?

@ClintCoons Год назад

Not sure why someone would do that.

@masscomnet Год назад

@@ClintCoons I think the purpose was to use an S corp structure to deduct purchase / remodel expenses from personal income . . . then convert to C corp, and sell it back for $1. Please pardon me for this if it's silly or not legal. I am just recounting what I overheard.

@Coryvdm123 6 месяцев назад

What if the property was already purchased under the LLC in the first place? 6-8 months the equity increased. A cash out refinance should still be able to happen no?

@ClintCoons 6 месяцев назад

Yes but you might have to take the property out of the LLC

@abdullahmuhammad399 5 месяцев назад

Hi, i jave a question. Iam buying a property with 3 people, is it a good idea to buy it as a company or individual. ?

@ClintCoons 5 месяцев назад

Buy it as an LLC meaning at lease hold your interest in an LLC. Another consideration is a tenant in common agreement depending on the value of the property. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@Alex-gx5mb 4 месяца назад

What about the house we live in with no mortgage on it anymore. Should we convert it to an LLC and still continue to live in it?

@ClintCoons 4 месяца назад

Depends on when you turned it into a rental. You may want to sell it to your LLC for some great tax benefits. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-MWFzAE7wu3k.html

@user-jg2fe1yb2v 11 месяцев назад

What if I own a very small fleet of rental cars and want to partner with someone who has the same. Would our disregarded LLCs form a 50/50 LLC?

@ClintCoons 11 месяцев назад

Yes you would form a joint venture

@anujanshankaran8577 Год назад

is it a good idea to rent your house to a company which wants to house consultants

@ClintCoons Год назад

Depends on the $$$.

@worldwideachievers1234 Год назад

Great video Clint. Question: I own a property in Texas. Are you saying to put property in Texas LLC and then put that LLC in a Wyoming LLC? Question: I’m applying for SBA loan and they will place a lien on property if we’re approved. Should I wait until SBA loan is approved before placing property in a LLC or would bank 🏦 even allow us once lien is on property? Thanks Clint and keep up the great work

@ClintCoons Год назад

Ask the lender. Most of the time you will be ok to close in an LLC but check before hand.

@candycane4852 Год назад

How about divorce ? Well once I hear the whole thing you might mention it

@bearshares 5 месяцев назад

When you speak of moving a rental into a State LLC (same state as property) you, of course, are referring to "deeding the property" over to it. In lieu of that, couldn't I just create a new LLC at the management level? Meaning, setting up a new entity (such as a property management company) at the state and federal levels, and then create an agreement between me, the property owner, and the management entity? This entity would be responsible for managing or leasing the property, effectively shifting the responsibility away from personal assets. All business transactions, such as lease agreements and contracts, could go through the management LLC, providing a layer of protection?

@ClintCoons 5 месяцев назад

Yes you can do as you say but if someone is hurt on the property the property owner is ultimately liable.

@musictosoothe 7 месяцев назад

If property is already titled in a living trust, can it be put into an llc?

@ClintCoons 7 месяцев назад

Yes it can

@musictosoothe 6 месяцев назад

Thanks much!@@ClintCoons

@toreckman8899 5 месяцев назад

Thanks. So the tax benefit is because the LLC has a higher tax rate and the 10k is taxed on one’s 1040 via K-1 at a lower rate.?

@ClintCoons 5 месяцев назад

What part of the video generated this question? I am unsure of what you are asking.

@toreckman8899 5 месяцев назад

At 3:30. You say two reasons why to do an LLC. ‘Taxes and Asset Protection’. My understanding was taxes gave one borrowing power. Hence my understanding being borrowing power and asset protection being the pro’s. I’m failing to understand the tax advantage.

@calivalley9056 Год назад

Do you need file state taxes in Wyoming if you establish LLC there or in home state?

@ClintCoons Год назад

No you do not

@meraindia5367 Месяц назад

Sir, I'm planning to buy a 2 unit rental which is owned by an LLC for around 1.2 Mil, I'll 100% of the interest in the LLC Will there be close cost for this transaction? Like mention tax, title fee etc?

@ClintCoons Месяц назад

Are you buying for cash?

@meraindia5367 Месяц назад

@@ClintCoons no, seller financing 100% Thanks for the quick reply :-)

@melhoresprodutos8899 Год назад

@SriRam-yq4id Год назад

Great Video and thanks for sharing your knowledge. Will the property taxes go up if I put my existing home into a LLC before converting it into a rental property?

@ClintCoons Год назад

Not likely but in some states it could and therefore you should use a land trust. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@SriRam-yq4id Год назад

@@ClintCoons Thank you Sir. I called my Title company and they gave clear instructions and forwarded me to a Doc Prep company who will help with all the paperwork. The key thing in California is to form the LLC with the same ownership as the rental property. As an example, if the wife and husband together own a property in their names, they can form an LLC with 50% each ownership and when they transfer the title to LLC the property will not be subject to re-assessment by the County.