Why You Should Create An LLC For Your Rental Property

Thinking about creating an LLC for your rental property? 🏡💼 In this video, we break down the key reasons why establishing a Limited Liability Company (LLC) might be a smart move for your real estate investment.
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An LLC can help you protect your investments and keep things clean while you're renting out your property.
It's simple to create an LLC, and the benefits of having an LLC for your rental property are huge.
🔍 Discover how an LLC can shield your personal assets, provide flexibility in management, and potentially offer tax advantages. We'll also discuss the steps involved in setting up an LLC and the considerations to keep in mind.
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Show Notes:
0:00 Intro
2:05 How LLCs Work For Real Estate
3:50 The Benefits
6:52 Setting Up LLCs for Real Estate Business
9:02 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 #realestateinvesting

[@georgevujadinovic]

Clint, you have one of the best KZbin channels for real estate investors. The amount of value you provide is insane, you actually give out some practical advices. You deserve at least 1 million subscribers.

[@ClintCoons]

thanks. Get the word out. :)

[@organizer14]

We agree! Clint shares very valuable real estate education! Thank you!

[@organizer14]

If the residential multi family is already in a local LLC, is it better to set up another Wyoming LLC to own the local LLC ? Thank you!

[@rhonniettube7522]

Thank you for your content, When we form an llc for this property do we need a business plan? If we should get a rental or business plan what would you suggest , anywhere to get free templates? Thanks!

[@ClintCoons]

Its not necessary but you do need an operating agreement for your LLC.

[@wjwhwh]

Thanks for the information. Would you be able to explain how one could transfer their rental property (VA loan) into an LLC? What are the legalities and if this transfer would be worth it? Thanks again!

[@ClintCoons]

You can transfer a VA loan property into an LLC. If you ar concerned about the lender accelerating you can use a land trust to hold the title then move the land trust into an LLC.

[@gl.72637]

I remember seeing a video about setting up LLC in different states other than where I live and where my rental property is it. Do you have such video? AFAIR it depends on where I live and where my rental property is…but I could be wrong

[@gl.72637]

Also how would it impacted if I have a property manager in place, with respect to the operating agreement and so on

[@ClintCoons]

Try this video: kzbin.info/www/bejne/b4XZnJ-DlNVpedk

[@jordanwiker5739]

Are there any benefits to keeping an existing property in your own name and adding umbrella insurance vs transferring it to an LLC?

[@ClintCoons]

Yes you definitely need insurance even if you have LLCs. The LLC is your backup. If the insurance fails or the claim exceeds policy limits your LLC is the backstop.

[@bike2010CO]

You mentioned in another video that if you have a mortgage on a rental under your personal name, then it will trigger the Due on Sale Clause if change the title from your personal name to LLC. Does it still apply?

[@Darrell_lewis_massage_realtor]

Yeppers. It takes tact to remove the liability from one’s own name without getting sued by the bank

[@ClintCoons]

It could and that is why with the increase in interest rates I suggest using land trusts.

[@Thatdreamchick007]

Can you shed some light on how can a non-us citizen or a work permit holder(H1B) start a LLC - is there an option to not violate any of the work permit rules ?

[@ClintCoons]

Check with your immigration attorney however so long as the LLC is only engaged in a passive activity and treated as a partnership or disregarded for tax purposes it is generally permissible.

[@user-nu9xt8qh8u]

I have an S corp business which I am selling the new business owner would like to lease the building / property which I own in my name. Should I move the property from my name to the S corp name and then add it to my revocable trust? 😫need help with this one

[@ClintCoons]

The property should be moved into an LLC not the S-Corp. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

[@thatoff-roaddude9515]

Wait you can get sued if someone fall down stairs if ur renting it to them? Wth man 😐

[@ClintCoons]

Right. Crazy town.

[@dreyes8948]

How I can contact you to open a LLC?

[@ClintCoons]

You can reach out to my team to sign up for a free consultation. Visit: aba.link/8vx

[@dreyes8948]

@@ClintCoons thanks!