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Pauly
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LLC setup
Wednesday, August 09 2006 08:17 PM
Any recommendations on companies to use for setup of an LLC?
If you are a resident of Illinois, is it legal and is there any advantage to setting up an LLC outside of Illinois?
What does it take to move a property previously purchased under one's name to an LLC and then land trust?
Sounds like I should buy a book or course on this, huh?
http://www.foxvalleypropertysolutions.com
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E. Olson
Property Management
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Re:LLC setup
Wednesday, August 09 2006 09:36 PM
There is no reason to have to setup an LLC in Illinois, and there are many benifits to this.
This is a very broad topic to cover in a discussion forum and you are right about needing to buy a booklet or course to learn the most. I recommend getting the Basic Land Trusts Made Simple Home study course here. Not only will it cover LLC's but it will tell you how to own houses using LLC's as benificiaries of a land trust!!!!
Go to shop on line and click on home study courses, actually do their combo deal. It gives you all the Land trust forms on a disc for almost free, $327 total
That will save you TONS of money when dealing with LLC's and Land Trusts
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E. Olson
Property Management
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Re:Re:LLC setup
Wednesday, August 09 2006 09:39 PM
Not a bad sales letter website either...
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Pauly
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Re:Re:Re:LLC setup
Wednesday, August 09 2006 09:42 PM
Thank you for the information.... and thanks for the compliment on the website. It needs work (past the home page) and is always a work in progress.
http://www.foxvalleypropertysolutions.com
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Re:Re:Re:LLC setup
Wednesday, August 09 2006 09:59 PM
Pauly,
E. Olson is right. Your question is a deep one that requires careful consideration. The short answer is that you should use an out-of-state LLC as the beneficiary to your land trust (which holds title to your rental property). Each property should be placed into its OWN individual land trust FIRST, then make the LLC the beneficiary of the trust. Please consider the Land Trust Home Study Course and attending our next Get Rich Buying Houses 2 day training course. All the info is at our website under "shop online."
Randy Hughes
866-696-7347
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Pauly
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Re:Re:Re:Re:Re:LLC setup
Wednesday, August 09 2006 10:25 PM
Randy, thanks. I'll look into the course. At this point my library is filled with ebooks regarding lease options, Sub2's, pre-foreclosure information, contracts (man, do I have contracts), flipping, rehabs, rentals, etc.... As I've only been at this about 8 months, I'm trying to take all of this in. I haven't been sitting on the sidelines however. I purchased a home in New Mexico and got it under a lease option on the backend (working fantastically). I purchased a home in Ohio (rehab) and am currently marketing it like crazy. I purchased a home in Texas on a No Doc and received money on the front end, am receiving money on a monthly basis (over $300 per month) and will receive a very nice check on the backend in one year (lease purchase). Due to these purchases, and now as an afterthought (I didn't know any better), I'm looking at getting land trusts setup and an LLC as well. I'm hoping that I will be able to make a monthly meeting over in Kane County or attend one of the weekend live sessions.
Paul
http://www.foxvalleypropertysolutions.com
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E. Olson
Property Management
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Re:Re:Re:Re:Re:Re:LLC setup
Thursday, August 10 2006 06:36 AM
Thats all great to hear, and sounds like you are very pro-active. I would pull my hair out doing deals that far away.
One thing about the Land Trusts that is more important than any other aspect of house investing is the PRIVACY! If you have your house under trust, you may save yourself from hefty lawsuits from contractors, tenants, or buyers!
I would get the information on Land Trusts first and get houses into them, then start to figure out the LLC.
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KaosProperties
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Re:Re:Re:Re:Re:Re:Re:LLC setup
Monday, September 04 2006 04:46 PM
My concern is that our 5 units are already in our names in mortgages, property tax, etc.
While I acknowledge that Land Trust hides your name, isn't already too late?
We are attempting to get out of DBA and put them into LLC for each units. We're pretty much stuck in being owner of these existing properties......
As we purchase new properties, we are definitely going to take advantage of Land Trust, LLC, C-corp while making darn sure our names are OFF of them as owner.
Any suggestion/advice/tip -- I'm open to them.
Thanx. Debbie
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Randy Hughes
Land Trust Expert-40+ years of experience
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Re:Re:Re:Re:Re:Re:Re:Re:LLC setup
Monday, September 04 2006 05:04 PM
Debbie,
It is never too late. You can transfer the title into your land trustee's name and at least get the title out of your names NOW. Yes, there is a chain of title showing you once owned the properties but who is to say that you own them after the transfer? We cover this topic in detail in our Land Trusts Made Simple course. You can purchase the Home Study version on this website or register for our next class (september 16th, 2006) on this website as well. You will not believe what we are doing with Land Trusts AND LLC's!
Randy Hughes
866-696-7347
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KaosProperties
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Re:Re:Re:Re:Re:Re:Re:Re:Re:LLC setup
Tuesday, September 05 2006 12:12 PM
Oh yes! I remember you handing me that booklet. It's the one that reads on the front "Land Trusts-A must read report" that has 15 pages, right?
I'll re-read it and get back to you with (I'm sure) a couple more questions.
BTW, you mentioned home study via online. I noticed the calendar mentioning it for Sept 16. I'm not clear if it's free or there's a fee or what. I must be missing it somewhere....Please advise.
Thanx. Debbie
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KaosProperties
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Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:LLC setup
Tuesday, September 05 2006 12:16 PM
Nevermind, I found the seminar. I looked everywhere except "Home".
Where's that embarrassed smiley when you need one?
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