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Jul 16, 2024
6:18
:09
pm
JohnnyC
All-American
I personally would set up an LLC if I were them.
Not sure why you wouldn’t besides saving a little bit of money.
This message has been modified
Originally posted on Jul 16, 2024 at 6:18:09pm
Message modified by JohnnyC on Jul 16, 2024 at 6:18:22pm
Message modified by JohnnyC on Jul 16, 2024 at 6:19:18pm
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JohnnyC
Previous username
DumBass
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JohnnyC
Joined
Aug 13, 2019
Last login
Nov 4, 2024
Total posts
13,613 (430 FO)
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Messages
Author
Time
Real estate investment question - my wife and I are under contract to buy our
Chasicle
Jul 16, 6:01pm
Yes. Yes.
WizeGuise
Jul 16, 6:02pm
And insurance obviously.
WizeGuise
Jul 16, 6:03pm
Don't bother with the LLC, just get good insurance. Don't forget
toadie
Jul 16, 6:03pm
Lack of LLC would open you up to personal lawsuits, no?
blueaussie
Jul 16, 6:17pm
I personally would set up an LLC if I were them.
JohnnyC
Jul 16, 6:18pm
Definitely
volleyjiver
Jul 16, 6:35pm
Whats your rationale why not? That goes against what both my CPA & attorney say.
BYUfan92
Jul 17, 7:41am
Ask your attorney how easy it is to pierce the LLC to get to
toadie
Jul 17, 8:13am
To have it an LLC, you would want to have the LLC buy the property not your wife and you
Baron
Jul 16, 6:28pm
Yes, but an LLC can get set up in a few minutes minutes or they can
volleyjiver
Jul 16, 6:34pm
Depends on the mortgage too, but again, he needs to talk to a lawyer because right now all that you just said would
Baron
Jul 16, 6:35pm
Boardmail sent. There's some bad advice on this thread. Be wary.
Real Men Wear Blue
Jul 16, 6:37pm
It is like the evening news, "watch out this may kill you tonight, we will tell you more at 11:30 PM"
Baron
Jul 16, 6:48pm
Why keep it private. Why not inform the masses about what is bad advice?
ochobeeguy
Jul 16, 6:55pm
No lender is going to let you buy it with the LLC
Gustav
Jul 16, 6:50pm
Seller-financing.
Chasicle
Jul 16, 7:05pm
I just talked with B of A yesterday about this and they suggested LLC / separate
BYUfan92
Jul 17, 7:45am
RE: I just talked with B of A yesterday about this and they suggested LLC /
Gustav
Jul 17, 8:33am
First discussion with them, but they were talking SBA 7A, conventional, 504
BYUfan92
Jul 17, 9:04am
Yes, open an LLC. There are some one here who basically say, "there are some unique cases in which the protections of
vegasnative
Jul 17, 12:47am
Why no S-Corp election?
Odysseus
Jul 17, 8:15am
How are you getting the number to work on an investment property right now?
ThatBYUFan
Jul 17, 7:38am
Yes. I developed my own investment property spreadsheet with purchase price,
Chasicle
Jul 17, 9:53am
Just released Mainstreetpulse.com to help investors stay on top of all this.
crobdog
Jul 24, 7:20pm
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