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03-03-2021, 01:50 PM | #4501 | |
Scooby Guru
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RMIC
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I'll be supporting the local economy as well via taxes and food. It's not like I'm, say, buying up a multiunit place used for resort workers and converting it to luxury condos. (that's next year, my bro) (($762k.))
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03-03-2021, 02:42 PM | #4502 | |
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Member#: 273629
Join Date: Feb 2011
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But the problem isn't that some people have money, it that society has failed to ensure there's sound intergenerational growth opportunities in the lower and middle class. (Which would be a you problem if you vote for that, but not because you have money). ...if that made any sense. |
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03-03-2021, 03:24 PM | #4503 |
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Member#: 183695
Join Date: Jul 2008
Location: uybaatc
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Dude, it's millionaires serving billionaires. Don't get me wrong, I'm all about the free market but $800k is pretty much the barrier for entry in these towns for a single family home.
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03-04-2021, 10:04 AM | #4504 |
Scooby Specialist
Member#: 453
Join Date: Oct 1999
Location: ***23567;***12373;***12356;***
Vehicle:2020 Kia Telluride 2021 Porsche Taycan |
Listening to some financial investment podcasts and one guy who is talking about investment properties is saying how he owns multiple rentals and puts them all under a business entity (LLC or whatnot) rather than directly under his own name, partly as a barrier to liability.
We currently own two homes we are renting out outside of our primary home (titles are under our names directly) and it has got me thinking. Anyone here have insight into this? |
03-04-2021, 10:27 AM | #4505 | |
Scooby Newbie
Member#: 171486
Join Date: Feb 2008
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International
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Vehicle:2019 911 GTS Silver |
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I have 2 separate numbered companies for holding property or investments to separate risk for my professional corp, which also separates me personally from liability. The other reason is to separate myself from various investments, i.e. to avoid having my name attached to a certain type of investment. A simple search would not show up any connection. A deep dive would eventually link back to me, but in some cases through 2 numbered companies. |
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03-04-2021, 10:32 AM | #4506 |
Scooby Guru
Member#: 92634
Join Date: Aug 2005
Chapter/Region:
RMIC
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Doesn't that force one into commercial homeowners insurance on the rental properties then? Not such a big deal for permanent tenants, but in the case of my mountain house with likely only sporadic rentals through the year due to us blocking off weekends could change the balance.
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03-04-2021, 10:36 AM | #4507 | |
Scooby Newbie
Member#: 12271
Join Date: Nov 2001
Location: Colorado
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For our rental properties we have a parent LLC that owns the separate LLCs that own each specific property. If that wasn't clear you would create EdKwon Investments LLC which owns 12345 EDprop and 67890 Edprop which are each an LLC in more or less the name of the property and then own that specific property. Keeps it fairly intuitive and in this case there are then multiple layers of separation and protection from you personally. |
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03-04-2021, 11:07 AM | #4508 | |
Scooby Specialist
Member#: 453
Join Date: Oct 1999
Location: ***23567;***12373;***12356;***
Vehicle:2020 Kia Telluride 2021 Porsche Taycan |
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03-04-2021, 11:09 AM | #4509 | |
Scooby Specialist
Member#: 453
Join Date: Oct 1999
Location: ***23567;***12373;***12356;***
Vehicle:2020 Kia Telluride 2021 Porsche Taycan |
Quote:
Also are there many tax advantages or writes off you've been able to take advantage of, like writing off vehicle or office supply expenses (cell phone, computer, etc)? |
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03-04-2021, 11:14 AM | #4510 |
Scooby Guru
Member#: 92634
Join Date: Aug 2005
Chapter/Region:
RMIC
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I get the liability shield aspect, but how many of those tax advantages could still be claimed sans LLC? I guess I'll figure out when I file my taxes next year!
(My wife has two side businesses that she runs and for which I claim several things on my taxes, home office depreciation, inventory depreciation, etc. No LLC involved.) |
03-04-2021, 11:23 AM | #4511 | |
Scooby Newbie
Member#: 12271
Join Date: Nov 2001
Location: Colorado
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Quote:
My wife is also a physician meaning like you, Shik, et al there is a elevated risk for lawsuits hence the attorney recommending the extra layer of separation. There are no unique tax advantages due to the LLC structure. It's all about protection. |
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03-04-2021, 11:36 AM | #4512 | |
Scooby Specialist
Member#: 453
Join Date: Oct 1999
Location: ***23567;***12373;***12356;***
Vehicle:2020 Kia Telluride 2021 Porsche Taycan |
Quote:
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03-04-2021, 11:42 AM | #4513 | |
Scooby Newbie
Member#: 12271
Join Date: Nov 2001
Location: Colorado
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Quote:
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03-04-2021, 12:23 PM | #4514 | |
Scooby Specialist
Member#: 453
Join Date: Oct 1999
Location: ***23567;***12373;***12356;***
Vehicle:2020 Kia Telluride 2021 Porsche Taycan |
So I consulted my friend who runs a mortgage lender business and he said if I have existing loans on the rental properties then transferring the title to a business entity comes with a lot of obstacles:
Quote:
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03-04-2021, 01:30 PM | #4515 | |
Scooby Newbie
Member#: 253380
Join Date: Jul 2010
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Tri-State
Location: NJ / NYC
Vehicle:02 WRX |
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03-04-2021, 01:33 PM | #4516 | |
Scooby Guru
Member#: 92634
Join Date: Aug 2005
Chapter/Region:
RMIC
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Quote:
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03-04-2021, 02:37 PM | #4517 |
Scooby Guru
Member#: 157348
Join Date: Aug 2007
Location: OOoOuuUUUGGGHH!!!!!
Vehicle:I Thlammed My Penith in the Car Door |
Piece in Tuesday's FT that goes into what some of us have been talking about in this thread, though obviously this involves commercial real estate rather than residential:
"Property and the pandemic: the great reckoning that never seems to arrive" https://www.ft.com/content/084f94e8-...b-fcb0b5e6171e I would copy and paste but FT actually has it so you can't copy and paste articles, which is a nifty trick. Fortunately this article does not appear to be paywalled. |
03-04-2021, 02:46 PM | #4518 | |
Scooby Newbie
Member#: 64665
Join Date: Jun 2004
Location: WA
Vehicle:1997 Toyota Blurple |
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03-04-2021, 02:49 PM | #4519 |
Scooby Guru
Member#: 157348
Join Date: Aug 2007
Location: OOoOuuUUUGGGHH!!!!!
Vehicle:I Thlammed My Penith in the Car Door |
****! Now it's paywalled for me too!
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03-04-2021, 03:42 PM | #4520 | |
Scooby Newbie
Member#: 42454
Join Date: Aug 2003
Chapter/Region:
SWIC
Location: AZ
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Then, have the LLC get a mortgage for it and remove yourself from the title. Might be able to do this step at the same time. LLC mortgage pays off your loan. |
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03-04-2021, 03:44 PM | #4521 |
Scooby Specialist
Member#: 453
Join Date: Oct 1999
Location: ***23567;***12373;***12356;***
Vehicle:2020 Kia Telluride 2021 Porsche Taycan |
What he says that LLC mortgage rates tend to be higher than rates for loans to individuals.
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03-04-2021, 03:47 PM | #4522 |
Scooby Newbie
Member#: 273629
Join Date: Feb 2011
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03-04-2021, 03:55 PM | #4523 |
Scooby Newbie
Member#: 203905
Join Date: Feb 2009
Location: MI
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According to le-googles an umbrella policy of $1MM can be had for ~$200 / year.
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03-04-2021, 03:58 PM | #4524 |
Scooby Newbie
Member#: 12271
Join Date: Nov 2001
Location: Colorado
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Yeah Umbrella policies are not bad. I think we pay ~$350 per year for 2M.
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03-04-2021, 04:01 PM | #4525 |
Scooby Newbie
Member#: 273629
Join Date: Feb 2011
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hmm, might be worth looking at, I have pretty high limits on auto etc as is, so the USAA guy mentioned it when we called and cancelled our renters ins.
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