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PSA: buy real estate under an LLC
Poast new message in this thread
Date: January 3rd, 2017 1:35 PM Author: floppy public bath Never use ur real name (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289265) |
Date: January 3rd, 2017 1:35 PM Author: Walnut Splenetic Scourge Upon The Earth Piazza why (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289268) |
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Date: January 3rd, 2017 1:39 PM Author: cerise trump supporter theater stage it goes under the same category as "don't personally guarantee a real estate loan" (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289292) |
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Date: January 3rd, 2017 1:50 PM Author: Primrose idiotic cruise ship athletic conference Lol at a bank not making you guarantee loans when using some shell LLC (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289359) |
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Date: January 3rd, 2017 3:41 PM Author: Stimulating abnormal puppy marketing idea lol exactly. Never seen a property purchased through an LLC that didn't have a personal guarantee (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290118) |
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Date: January 3rd, 2017 1:51 PM Author: Ruddy godawful azn good luck getting a commercial loan! (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289366) |
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Date: January 3rd, 2017 1:55 PM Author: cerise trump supporter theater stage personally guaranteeing multifamily real estate loans lowers the interest rate on the loan by 10-20 bips, but you don't have to do this (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289402) |
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Date: January 3rd, 2017 2:30 PM Author: angry flushed sandwich Many banks require a PG when an llc or privately held corp is borrowing on real property. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289641) |
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Date: January 3rd, 2017 2:37 PM Author: Frisky slap-happy circlehead (Time traveler from 2004) (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289684) |
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Date: January 3rd, 2017 2:57 PM Author: Ruddy godawful azn unless you are doing a 50% LTV loan on a seriously cashflowing property or have some great track record, banks usually require personal guarantees. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289815) |
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Date: January 3rd, 2017 1:52 PM Author: Multi-colored amber sanctuary I thought this was only true if you are all cash?
also, don't you need like 4-5 to really hide your identity? |
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Date: January 3rd, 2017 2:56 PM Author: floppy public bath Whenever you purchase real estate under an LLC, it automatically hides your name and anyone involved in the LLC. People won't be able to find you even if they go to the County recorders office.
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Date: January 3rd, 2017 2:57 PM Author: cerise trump supporter theater stage the agent for service of process is publicly available and there are also publicly available websites that show who is involved in an llc (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289814) |
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Date: January 3rd, 2017 3:19 PM Author: carnelian address sweet tailpipe I think in Nevada this information is only available if you go in person to look it up, which doesn't keep you secret but does put up a roadblock for some shitlawyer who is investigating how deep your pockets are before taking a case to sue (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289965) |
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Date: January 3rd, 2017 3:33 PM Author: twisted location rigpig I just picked some random LLC
http://nvsos.gov/sosentitysearch/CorpDetails.aspx?lx8nvq=yVBesVmcod6nVd4ODLOS8g%253d%253d&nt7=0 |
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Date: January 3rd, 2017 3:35 PM Author: carnelian address sweet tailpipe ok cool fledgling slum lords MAF (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290077) |
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Date: January 3rd, 2017 2:57 PM Author: Multi-colored amber sanctuary and it's not at all possible to know who controls the LLC? (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289816) |
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Date: January 3rd, 2017 3:00 PM Author: Ruddy godawful azn in California it is. Have to file a statement of information listing the members and manager.
Way around this is to use a Delaware entity as the member...but this gets expensive. |
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Date: January 3rd, 2017 3:03 PM Author: Multi-colored amber sanctuary I think it's clear that the OP has no idea what he's talking about (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289847) |
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Date: January 3rd, 2017 3:04 PM Author: Olive Mediation French Chef op is law school dropout retail worker tedcruz tp (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289853) |
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Date: January 3rd, 2017 3:04 PM Author: twisted location rigpig (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289858) |
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Date: January 3rd, 2017 3:13 PM Author: floppy public bath That's why you name your LLC using a similar name as other LLCs... like Acme Consulting, LLC (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289929) |
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Date: January 3rd, 2017 3:22 PM Author: twisted location rigpig jfc you retard (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289996) |
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Date: January 3rd, 2017 3:04 PM Author: twisted location rigpig ted cruz tp, you are a law school dropout and don't know wtf you're talking about (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289854) |
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Date: January 3rd, 2017 3:07 PM Author: Olive Mediation French Chef (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289887) |
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Date: January 3rd, 2017 3:43 PM Author: histrionic lavender faggot firefighter it all depends on the state. Delaware = anon if you want it (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290129) |
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Date: January 3rd, 2017 3:54 PM Author: floppy public bath 180 (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290208) |
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Date: January 3rd, 2017 2:28 PM Author: clear appetizing doctorate stag film how hard is it to convince my mortgage company to switch the owner from my name to a trust or something? (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289630) |
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Date: January 3rd, 2017 2:31 PM Author: mind-boggling puce office selfie Hard (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289651) |
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Date: January 3rd, 2017 2:33 PM Author: clear appetizing doctorate stag film rich friend who probably bought all of his properties with cash keeps telling me I need to do this. Seems complicated when I have a mortgage remaining on it. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289665) |
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Date: January 3rd, 2017 2:35 PM Author: Translucent Vibrant Filthpig Parlor there is no advantage for a single person to put their house in a trust. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289671) |
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Date: January 3rd, 2017 2:35 PM Author: cerise trump supporter theater stage helps with estate planning. if you die childless your assets could go to other family members w/o probate (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289676) |
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Date: January 3rd, 2017 2:37 PM Author: Translucent Vibrant Filthpig Parlor which is of minimal use to a young single guy. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289683) |
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Date: January 3rd, 2017 2:34 PM Author: Translucent Vibrant Filthpig Parlor Don't tell them. They will probably never find out and they won't bitch as long as you pay the bills. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289668) |
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Date: January 3rd, 2017 3:05 PM Author: Aqua brunch they will find out within a year if your property taxes are paid through escrows (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289871) |
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Date: January 3rd, 2017 2:37 PM Author: Hairraiser Main People Not a real estatemo but can't you just set up the llc and record a deed transferring ownership to the entity? If you stopped paying the mortgage the bank could still foreclose, no? (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289687) |
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Date: January 3rd, 2017 2:39 PM Author: Translucent Vibrant Filthpig Parlor the mortgage will have a due on sale or transfer clause. And he signed the note personally so it makes no difference. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289690) |
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Date: January 3rd, 2017 3:05 PM Author: twisted location rigpig (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289861) |
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Date: January 3rd, 2017 3:12 PM Author: angry flushed sandwich Also will void your title policy as the insured transferred.
Also bank will find out when your home owners insurance sends notice of cancellation as the insured no longer owns the house. |
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Date: January 3rd, 2017 3:57 PM Author: Translucent Vibrant Filthpig Parlor title insurance will not void your policy as long as the beneficial ownership does not change. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290228) |
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Date: January 3rd, 2017 7:18 PM Author: angry flushed sandwich Did not know this. Is this a state specific rule?
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Date: January 3rd, 2017 2:54 PM Author: Olive Mediation French Chef lol (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289796) |
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Date: January 3rd, 2017 3:04 PM Author: Aqua brunch surely your fledgling llc will have enough assets and cash flow for you to avoid signing a personal guarantee. and surely the secretary of state will conceal the identity of the member(s) of your llc. great plan, great thread (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289857) |
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Date: January 3rd, 2017 3:05 PM Author: twisted location rigpig (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289867) |
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Date: January 3rd, 2017 3:07 PM Author: Olive Mediation French Chef (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289889) |
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Date: January 3rd, 2017 3:09 PM Author: gold electric furnace twist: members of the LLCs are themselves LLCs. it's LLCs all the way down (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289903) |
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Date: January 3rd, 2017 3:11 PM Author: Aqua brunch does anyone on earth have the perseverance to plow through 50 layers of fake llcs? (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289916) |
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Date: January 3rd, 2017 3:12 PM Author: gold electric furnace twist: the last llc member is a partnership. WHAT NOW INVESTIGATORMOS (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289922) |
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Date: January 3rd, 2017 3:19 PM Author: Ruddy godawful azn just do $25k a year in entity fees.... (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32289969) |
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Date: January 3rd, 2017 3:28 PM Author: elite skinny woman (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290041) |
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Date: January 3rd, 2017 3:43 PM Author: Stimulating abnormal puppy marketing idea my state has no entity fees. Just one time filing fees lol. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290130) |
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Date: January 3rd, 2017 3:53 PM Author: floppy public bath (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290206) |
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Date: January 3rd, 2017 7:20 PM Author: glittery peach volcanic crater (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32291604) |
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Date: January 3rd, 2017 7:07 PM Author: Anal Becky Senate (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32291501) |
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Date: January 3rd, 2017 3:34 PM Author: curious misunderstood half-breed center Many states do not require ownership info and registered agent can be a service company you pay to be it for you. You=don't know what you're talking about (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290074) |
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Date: January 3rd, 2017 3:53 PM Author: Aqua brunch i once got C T Corp to give me the name of the managing member of an "invisible" llc by calling customer service and pretending to be a confused employee of the company. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290203) |
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Date: January 3rd, 2017 3:25 PM Author: Azure Apoplectic Menage Serious question, is this worth doing for a single rental property? Would it shield my personal assets? Could you still do a home equity loan with it? This is just a single occupancy residential home. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290015) |
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Date: January 3rd, 2017 3:25 PM Author: gold electric furnace your LLC is not going to get a loan, is the point (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290019) |
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Date: January 3rd, 2017 3:28 PM Author: Azure Apoplectic Menage I own it now but there is still an outstanding mort. Bank would not be happy if I transfer ownership to the llc I created? (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290038) |
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Date: January 3rd, 2017 3:31 PM Author: twisted location rigpig as discussed itt, the bank is going to require a personal guarantor (i.e., you) to guaranty to the loan, because the LLC has no other assets/source of income besides the property. Plus, your mortgage has a due on sale/transfer clause, which means your entire mortgage would be due in the event you transfer the property to the LLC. It's not really worth it for a single property that you already own. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290056) |
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Date: January 3rd, 2017 3:33 PM Author: Azure Apoplectic Menage If I'm the personal grantor for the loan would that also allow renters to pierce veil to sue me? (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290062) |
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Date: January 3rd, 2017 3:39 PM Author: twisted location rigpig It depends on the state, etc. but the fact that you are a personal guarantor wouldn't alone allow someone to pierce the veil< I don't think (consult a small biz lawyer in your state if you're serious about this). But if the only purpose of the LLC is hold the property and you intermingle assets/don't observe formalities then you'd still be fucked. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290102) |
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Date: January 3rd, 2017 3:41 PM Author: Azure Apoplectic Menage I know not legal advice. This doesn't seem worth it for just one house. I'm sure I'd intermingle etc like you said. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290115) |
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Date: January 3rd, 2017 3:42 PM Author: twisted location rigpig it's not plus you have to do regular filings with the secretary of state and pay fees (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290124) |
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Date: January 3rd, 2017 3:32 PM Author: floppy public bath Talk to your local realtor and mention 'quit-claim deed'
HTH |
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Date: January 3rd, 2017 3:40 PM Author: Unholy national security agency legend twist: my real name is Al Elsee (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290111) |
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Date: January 3rd, 2017 3:44 PM Author: haunting unhinged police squad (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290144) |
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Date: January 3rd, 2017 3:45 PM Author: bonkers voyeur you will need to personally guarantee the loan (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290149) |
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Date: January 3rd, 2017 4:16 PM Author: Anal Becky Senate but I am already a corporate citizen acting under the full faith and credit of the constitution under my d/b/a name. This allows me the full panoply of rights under the various Postage Acts. I highly recommend this course of action instead (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32290379) |
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Date: January 3rd, 2017 8:04 PM Author: floppy public bath 180 thread (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32291884) |
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Date: January 4th, 2017 4:43 AM Author: soul-stirring indirect expression quadroon jfc I'm a child (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32294596) |
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Date: January 4th, 2017 10:06 AM Author: Galvanic tantric business firm ITT: guy who thinks his $250 legal zoom LLC will stop the bank from coming after his ass on a 500k foreclosure. (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32295586) |
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Date: January 7th, 2017 5:46 PM Author: floppy public bath (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#32321945) |
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Date: August 23rd, 2017 9:31 PM Author: floppy public bath (http://www.autoadmit.com/thread.php?thread_id=3480024&forum_id=2#34056076) |