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Property Management and YP Consulting Category:
Current Grade: A
Total Views: 1476
Member Comments: 11
 Posted on: 01/18/2007
Posted by: Property Management and YP Consulting
Blog Points: 1756
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Hey, I was recently leaving a comment on a user's blog and realized that the information could be good for everyone.  So here it is.

"I recommend you start an LLC for EACH of your investment properties.  For example, you would have one called "123 Main St. LLC".  And another called "8910 Washington Ave. LLC".  That way not only can litigators not go after your personal property, but they cannot even go after your other properties.  When you've got a few properties and troublesome renters, contractors or neighbors, you'll be glad you did."  

I've done loans for investors who do this and they seem to be the ones that are well read and very successfull.  I, for one, will be doing this from now on.

Hope it helps. 

Abe

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johnnie

Posted By: johnnie on 10/12/2007
Can I get more info?
 
vmason79

Posted By: vmason79 on 09/29/2007
Great idea!!  I would never have thought of this.  My mother currently has 11 rentals we were about to put in 1 LLC.  Definitely won't be doing that now.
 
kidrosey
Ambassador
Posted By: kidrosey on 09/06/2007
Are the costs of starting LLC's tax deductible as a write-off on operating expenses?
 
Property Management and YP Consulting
Ambassador
Posted By: Property Management and YP Consulting on 02/01/2007
the cost of setting up an LLC differs by state, but here in Illinois the paperwork will cost you about $150 and then the state registration cost will be about $600.  So, you're looking at spending about $750.  It's a lot of money if you don't have it sitting around, but to spend $750 in order to protect a $200,000 property is really a wise investment.
 
West Coast Dave
Ambassador
Posted By: West Coast Dave on 01/31/2007
This goes along with what I've heard as well - but what is he cost to get an LLC going?
 
Perez Realty Group

Posted By: Perez Realty Group on 01/29/2007
By the way do you offer or know a good lender for tax id Itin loans--figured since your in chicago you would have more access--i have experienced banco popular--(who is a nightmare) and platinum direct---i hear citi is doing one there right now--whats the scoop
 
Perez Realty Group

Posted By: Perez Realty Group on 01/29/2007
Great advise--i have many novice investors who could use this advise and learning from you helps me look good so they stay protected--thanks abe
 
littlegman

Posted By: littlegman on 01/27/2007
Many lenders require a single-asset entity before they will make the loan. It's either that or expose your entire portfolio if you have difficulty w/ that one lender/loan. OUCH!
 
John Nannini "foreclosure Specialist"

Posted By: John Nannini "foreclosure Specialist" on 01/26/2007
Agreed I worked for a family years back in chicago who now own several rooftops and thousands of units and they always made each building a seperate LLC.  I agree it is the only way to go.
 
GMG PROPERTIES

Posted By: GMG PROPERTIES on 01/18/2007

hey how are you?  if you have any more information on this or any other LLC topics would mind sending them my way.