Corporate Law Putting property in an LLC

[timbo59]

My wife and I own 4 rental properties and have long been advised that we need to put them in LLC's to protect our investment. However, we have had so much conflicting advice on the matter that it's really getting confusing. An acquaintance of my wife's, who's something of a high profile investor who does seminars on property investment, told her that we should put all four properties under one umbrella LLC. Our accountant advised that we should get a seperate LLC for each house, even though it costs more to maintain them.

Anyone with some expertise on the matter willing to clarify the situation?

Thanks

 

[army judge]

The choice you make is entirely up to you. It's not a one size fits all solution. I suggest you seek tax advice, as well as legal advice, then decide. To do that speak with legal and tax professionals. Stop asking friends and seeking free advice. Good luck.

 

[timbo59]

Interesting response from a forum moderator.

I'm a professional writer and photographer and give copious amounts of 'free' advice to those who ask for it on appropriate forums. I also lend advice on computer technology, home construction and rehab work - that's what forums are for - to share knowledge. Your 'advice' as such is pointless and so laughably simplistic that one wonders how you even acquired a position as a moderator - especially when you're largely telling people to go away!

I think I mentioned, though you seem to have missed the point, that we actually have spoken to our regular 'accountant' - you know, those funny little people who can handle taxation issues - about the matter. As for the 'friends', they are fellow real estate investors who each apply their own solutions and thus complicate the issue.The acquaintance mentioned is one of the better known real estate seminar people in the USA, who my wife has ghost-written some books for - so his opinion is obviously worth having, even though his approach (using an LLC to hold the four properties under separate land trusts) seems an overly complicated one - one which a real estate attorney we consulted - yes, we have actually consulted legal opinion already on the matter - stated seemed overly complicated and one which a judge might view with suspicion if legal action were ever taken against us.

The notion of asking for further views on the matter here was to essentially seek additional opinions on the matter, because, as with doctors, it never hurts to get another perspective. It would be nice to traipse from one lawyer to another to build up a base of opinions to work off, but quite simply we don't have that kind of money. Hence my foray here.

Clearly though, judging from your response, you have zero experience of LLC's, or real estate at all, yet see fit to render pompous views that are so bleedingly obvious that my 11-year old daughter could probably give weightier perspective on the matter. I assume you also frequent music forums on playing piano with posts like 'all it takes to become a piano virtuoso is to be able to sit down and run your fingers up and down those white things called keys in complicated patterns that make pretty music to listen to'?

Simply put, if you can't give advice that's even remotely helpful or intelligent hand in your badge and let someone else handle the position. One thing I'm learning very quickly is that legal forums are next to useless for any real help, because they're largely frequented by inexpert blowhards ever ready to give their silly views.

 

[Betty3]

I would have also, as army judge did, told you to seek professional advice. Since you already have, you will have to make a decision on what you have been told. They know more about your specific situation than we do.

 

[army judge]

Interesting response from a forum moderator.

I'm a professional writer and photographer and give copious amounts of 'free' advice to those who ask for it on appropriate forums. I also lend advice on computer technology, home construction and rehab work - that's what forums are for - to share knowledge. Your 'advice' as such is pointless and so laughably simplistic that one wonders how you even acquired a position as a moderator - especially when you're largely telling people to go away!

I think I mentioned, though you seem to have missed the point, that we actually have spoken to our regular 'accountant' - you know, those funny little people who can handle taxation issues - about the matter. As for the 'friends', they are fellow real estate investors who each apply their own solutions and thus complicate the issue.The acquaintance mentioned is one of the better known real estate seminar people in the USA, who my wife has ghost-written some books for - so his opinion is obviously worth having, even though his approach (using an LLC to hold the four properties under separate land trusts) seems an overly complicated one - one which a real estate attorney we consulted - yes, we have actually consulted legal opinion already on the matter - stated seemed overly complicated and one which a judge might view with suspicion if legal action were ever taken against us.

The notion of asking for further views on the matter here was to essentially seek additional opinions on the matter, because, as with doctors, it never hurts to get another perspective. It would be nice to traipse from one lawyer to another to build up a base of opinions to work off, but quite simply we don't have that kind of money. Hence my foray here.

Clearly though, judging from your response, you have zero experience of LLC's, or real estate at all, yet see fit to render pompous views that are so bleedingly obvious that my 11-year old daughter could probably give weightier perspective on the matter. I assume you also frequent music forums on playing piano with posts like 'all it takes to become a piano virtuoso is to be able to sit down and run your fingers up and down those white things called keys in complicated patterns that make pretty music to listen to'?

Simply put, if you can't give advice that's even remotely helpful or intelligent hand in your badge and let someone else handle the position. One thing I'm learning very quickly is that legal forums are next to useless for any real help, because they're largely frequented by inexpert blowhards ever ready to give their silly views.

I'm a lawyer, licensed to practice in several states, as well as the federal court system.
I'm a retired Texas district court jurist, and a retired army JAG, having served as a military trial judge for more than a decade.
Ethically, and legally, I'm bound not to provide legal advice without a proper consultation.
You and I don't have a lawyer- client relationship, nor could that ever be acquired via the internet.
Therefore, our site can't and won't provide legal advice.
The same goes for tax advice.

As far as my knowledge of "limited liability corporations", you have no idea what I know, or am qualified to expound or pontificate about.
As far as me handing in, to use your term "my badge", that's not for you to say.
I volunteer here, because I choose to do so.
I will depart when I am ready to do so, and you will have no hand in that decision.
My decision to stay or leave, IS a one sized, ONLY fits me choice and solution.
If I no longer volunteered, my life would not change, as I continue to volunteer my time, knowledge, legal expertise in real life.

You are free to seek your answers elsewhere.
The web is vast, and the information contained therein is massive.

Finally, to use your term again "handing in your badge", you can choose to leave peacefully, abide by our simple site rules, or continue your ranting, flaming, insulting, and trolling and allow me to make the choice for you.

A choice, by the way, that I have the tools and ability to accomplish in less than five seconds.
A choice that I often find great pleasure in executing flawlessly, and without hesitation.
Now, you have yourself a great weekend.