Only graham tells me to smash that like button

@orionbredda7827

4 жыл бұрын

Straight facts

@abukargeedi2481

4 жыл бұрын

On god bro

@rentalsandrealtors7296

4 жыл бұрын

Facts dude

@WPaKFamily

4 жыл бұрын

YES KING

@charlottebingham4103

3 жыл бұрын

There’s no other greater joy than having financial freedom and a life free of debts, all thanks to Mr carlos, cause he made me who I am today through binary trade. He has helped me a lot with his trading strategies which helps me to earn $12,550 weekly. I really appreciate it and can't help but let others know about it because it is so suitable anyone can trade from anywhere and anythime, you can reach mr carlos on IG @carlos_1uptrades his indeed a God sent. now i dont need to be working 9-5.

As an attorney, I would recommend getting an LLC.

@jimross2101

3 жыл бұрын

Well, you make good money doing it. Pretty much assumed you'd push LLC's.

@bannertraveller5879

3 жыл бұрын

As a mechanic I recommend getting the blinker fluid changed regularly

@dairysmoreta6108

3 жыл бұрын

As a Sales person I recommend you finance a $100,000 car at 18.99% APR meanwhile you only make $40k a year 😏

@POK2008

3 жыл бұрын

@@dairysmoreta6108 Sir, an individual can form an LLC on their own without hiring an attorney. It’s simplistic.

@bannertraveller5879

3 жыл бұрын

@@dairysmoreta6108 Brutal LOL

Glad I watched this. Solid information. About to turn 40 and we are in the process of buying our first home. Following up by paying off all other debt and then buying investment properties. Starting late in life but better than never.

@janolimit22

5 ай бұрын

No, you're not late. You're on time, buddy!!! BTW most millionaires became millionaires in their 40s and 50s🎉

Really enjoy these kinds of videos where you talk through a specific subject instead of broader overall subjects

"Talk to an attorney" is a great answer. Thanks Brandon.

Generally, LLCs can procure financing with a loan guarantee from a member. I would suggest gathering all your questions, then sitting with a CPA and Attorney for a hour to get all of your questions answered. $500 investment ($250/ hr 2x) for a solid foundation for years to come. All the best, A CPA who invest in real estate

@ritzkola2302

4 жыл бұрын

Robert Clark I read your profile. I’m a veteran, 90% service connected, in Miami Florida. I’m currently in the process of searching for a great lender to fund my initial investment. Contact me.

i say, get an llc as a property management co, to market your properties, collect rents, hold cash, and hold your property in your name. get an umbrella policy to cover yourself. evictions and loans are easier when property is in your name.

@markpatterson8208

5 жыл бұрын

I'm confused.. So is it recommended to have the property under your name directly or the LLC? I noticed you mentioned an umbrella policy to cover myself. would that be for if property is under my LLC or my name.

@kewlace

5 жыл бұрын

I think the IRS might have an issue if the LLC is collecting rent as income without having any assets that produce said income. If the LLC is the one invoicing rent, isn't supposed to collect and pay sales tax on each payment?

@404TRUCKERTV

5 жыл бұрын

@@markpatterson8208 in the beginning stages, you are your business, it doesn't matter how many llcs, corps you have. any attorney and or judge would see through your little operation and sue you personally. although, he is correct, it starts makes sense when your portfolio is substantial, lets say approaching $200k in value, beyond any liens and insurance limits. if you have mortgages on those properties, then it doesn't matter lol.

@jetah50

5 жыл бұрын

@@kewlace I'm pretty sure the LLC would just be a Property Management company which doesn't need to own assets to accept checks from tenants.

@onetwothree4148

5 жыл бұрын

@@kewlace no, that is incorrect. The IRS doesn't collect sales tax. Rent isn't subject to sales tax in any state that I know of, and depositing rent checks on behalf of property owners is what every property management company does everyday.

This is an old video, but I have had several hard money lenders say they only lend to LLC owners. So I've considered getting one for that reason. Just to have more options.

Wow. Easily the best biggerpockets video I've watched

Crazy because I actually use an LLC to start taking action... as soon as I make my investors know that an LLC has been created it creates that sense of urgency to start moving the money into an investment!

Perfect timing on this video. I have been working on limiting my liability this week. 😁

Fantastic content guys. Your videos are VERY relevant and super easy to consume. So many question I have a new investor you have addressed in full or at least in part in one of you videos. Thank you!!

I jiust watched and have one shortcut recommendation. If its just one property you're seeking additional protection for and you have a personal umbrella insurance policy, you should be able to place the homeowners under a personal umbrella. This likely wouldn't work as you scale up but is good for someone starting off.

Own the property yourself and "lease" it to your LLC. When the LLC is sued only things that the LLC actually owns can be up for grabs. The property does not belong to the LLC. You do a "triple net lease" for the property which makes the LLC responsible to pay all expenses related to the property as well as make the "lease" payment for the property to you out of profits. With that in mind remember that you are always responsible for your own torts. I.E. if you personally do something that causes harm etc to the tenant then of course all your belongings are up for grabs anyways. Always be properly insured and never over capitalize your LLC. I.E. if you want to invest cash into your LLC always "loan" it the cash, or as much as the government will allow you to. Something like if you put 100k in loan 80k and invest 20k. Then in the advent that the LLC is sued you only lose 20k as the LLC has to pay you its "creditor" the 80k back. Also see a lawyer/cpa before doing anything as the law might differ where you are.

@7008aspen

5 жыл бұрын

Whoa that's the best advice sense I heard about an LLC

@Mynameisjoof

4 жыл бұрын

This is a great idea

@Rshen11

4 жыл бұрын

Most likely won't work.. It can be easily pierced because you own the LLC

Great content. Ive subscribed and I love your candid discussions. I appreciate your content.

Wow you answer it perfectly for me!!! Thanks Brandon!!! You are truly a blessing I truly his world.... you do deserve the wealth. What you sow it was you shall reap!!!!!! Thanks!!!!!

As for me, I always run my ventures through an LLC. I love commercial real estate because it allows me to use leverage while providing me the protection of an LLC without triggering the due-on-sale clause.

@EinsteinTeachedYou

Жыл бұрын

How do you not trigger it

@ChristianC-gy1ym

Жыл бұрын

​@WESTERN NY BIGFOOT llc is allowed on commercial loans, just not residential. even if said residential is a multi family complex, it's still considered residential. you can't get a conventional loan on residential if you have an llc set up. If you obtain a conventional loan first THEN set up an llc, then you are transferring title from you to the llc. so the lender will call your loan. unless they choose to let it slide, which does happen if you're lucky. Or, from the start you could get a commercial loan on your rental property if setting up an llc is important to you. but commercial loans have higher fees and shorter terms. Or, you could just buy a commercial building and obviously get a commercial loan. The moral of the story is, if establishing an llc is not really beneficial to your situation, then you don't need to jump through hoops to set one up. if all you're concerned about it getting sued by your tenants, then just get good insurance. especially if you own your property outright.

@MacLaw3084

Жыл бұрын

@@ChristianC-gy1yma couple things. 1. you can get a 30 year fixed conventional loan for a rental through an llc, but rates will be much higher. 2. banks often don’t call the loan if you transfer it to an llc, but the can.

@ChristianC-gy1ym

Жыл бұрын

@@MacLaw3084 Most big lenders will not give you a conventional loan through an llc... But some would, yes, at higher rates. yes, I mentioned they CAN call it, though they don't always. But that is a risk investors will need to take and not worth it in my book.

SUPER helpful content!! Thank you so much Brandon.

Boss Brandon, you the only reason i joined BP, you inspire me a lot!. you are awesome, youre much better than other host in bp webinar. i like you the way you discuss, very specific.

This may be the best LLC video out there 💯

This was VERY helpful. Thank you for all the great, informative content!

A business entity is needed for hard money loan under 100k in MN, so that's why I set up a LLC.

@amberkay2596

3 жыл бұрын

That’s not true

@toufang-hmongwealthbuilders

3 жыл бұрын

Amber Kay sorry, I should clarify. Llc is needed for the hard money lender that I work with here in MN. Not sure about other lenders, just the one I work with.

@keenanj5849

3 жыл бұрын

I’m able to qualify for loans much easier for a rental property in Mn here with an llc.

Based on what you said about leverage being high as a beginner and making sure everything transfers smoothly at the bank, I believe the answer here is to proceed with caution and eventually the time comes when you have more equity or go for another rental that you want to set up an LLC. Since you clearly stated it is not required to begin.

OMG!!!! I've been struggling with this question in my head and researching and feeling stuck. Thank you so much for answering this question.

Simple and straight forward. Thanks much.

Good video Brandon, thank you. Answered some questions I didn't have!

Zoom in, zoom out, zoom in, zoom in, zoom out, repeat.

@dillonnj45l.18

5 жыл бұрын

Straight badass effects. Award winning.

@MetalBum

4 жыл бұрын

Lol so true. 😆

@mingtsuw

4 жыл бұрын

Now I can't unsee it.

@scoobydoobers23

4 жыл бұрын

OMG it is driving me crazy.

@priceandpride

4 жыл бұрын

But only partly lol

Thank you ,, this is Great ... LLCs and incorporating them could be and are very confusing . Especially for me . So many things to consider what exactly will it be used for etc... thank you for the insights!!

Great video. I’ve been reading a lot on LLCs, and this summarized many hours of research.

@coachpierre876

5 жыл бұрын

I second that!

Thanks very much for such informative video. It answer all my questions, now I know what direction i will take.

Super helpful. So many questions and concerns validated.

@mayamaya-kn8mk

2 жыл бұрын

😂

Great job Brandon You killed it 👊

Very helpful and informative video, thank you!!

Excellent VIDEO. Learned a lot. Thanks.

Great information and easy to understand. Thank you.

Thank you so much for your information. It goes so far... Maybe not monetarily for you but it does go far!

Sounds to me like I need to talk to a lawyer, but if I had to guess, when buying residential put the property in my name and make sure I have super insurance. When buying commercial set up the LLC and have super insurance. Sounds simple to me.

You da man Brandon! Thank you for making this content!

Great topic to touch on!

Awesome vid as alway Brandon! Cheers bro 👊

simple yet accurate explanation

Each of my properties has an LLC and I have a umbrella insurance coverage as a back up to protect assets. It costs less than $200 to set it up and transfer the deed.

@saileastpropertymanagement134

4 жыл бұрын

Don't use a Quit Claim Deed. You will blow up your title insurance if you don't transfer title properly.

Excellent video, thanks for sharing all this information.

it can be a lot easier to obtain some types of financing (particularly your standard residential financing) if all of your income is reported within an entity like that, as it becomes a singular income source with a historical average instead of numerous individual purchases/sales.

Amazing video. I’m not making any excuses!

Thank you for this video Brandon!!

Good info, and to the point. Thanks

Thanks Brandon, real info here

Good point, I’m highly leveraged. So with heavy insurance I feel like I’m good to go.

haha i thought of that too "smash that like button". awesome video though I did as a matter of fact, smash that like button as this guy is a legend and is helping so many people learn about real estate and get motivated. Thanks Mr. Turner!

Just want to add to your point LLC's give you the abilities to gain business credit to grow.

@fulldoseofdave2505

4 жыл бұрын

Ding ding ding! Why doesn't anyone talk about this!! A friend of mine recently schooled me on this subject of corporate credit. I want the LLC for the credit! Let's talk more about this!

@deenad3562

4 жыл бұрын

And be sure to take out a business credit card and pay all related business expenses with it to further build your LLCs power.

@bluerabbit1236

4 жыл бұрын

@@fulldoseofdave2505 Do you seriously think you can just go ahead an open an LLC to fix your fucked up credit? Lmao every broke ass idiot lives this dream. Let me wake you up: It doesn't exist. 99% of the business credit cards you'll apply will want your ssn as the personal guarantor. Yes, you can get some credit lines from Shell or Loews or Home Depot etc but it will take your years to get to that level that will provide you decent credit limits you need to rehab a property. It's much easier and faster to fix your own credit instead.

@fulldoseofdave2505

4 жыл бұрын

@@bluerabbit1236 who said I wanted to fix my credit and furthermore who said I was broke? Why are you mad at me? Lol calm bbn it down meow

@romariosmith422

2 жыл бұрын

@@bluerabbit1236 you sound mad as heck 🤣 😂. Seems someone bent you over and smashed way too hard.

Good info. Thanks Brandon

Valuable info....thank you so much!!!:)

Awesome you included the leverage as a liability shield. No blood in the water that way.

I don't know if other states do this, but there is a pretty good incentive in Kansas to get an LLC, as there are not state income taxes for the individuals that own the LLC. This goes for any pass through entity in Kansas. So if you're saving more in taxes than what the LLC costs, it can be a good idea.

@saileastpropertymanagement134

4 жыл бұрын

Pass-through means that the income from the entity is reported on your personal tax return. That is IRS code. All states allow income from LLCs to pass through to your federal personal return. States that have income tax allow for pass-through treatment as well.

San Antonio has some good beans... and good investment properties.

Good Day, and Thank You!

An umbrella insurance policy may be enough for most people with multiple properties.

I love you man!! thanks for your guidance!!

Great summary of pros and cons. Mahalo! “🤙🏽”

Thanks for the info.

After Watching this I got to step up my game!

This was wonderful!

Thanks, can you talk about using LLC with self directed ira?

Thanks very informative

You should always,................. ALWAYs use an LLC to protect your identity of your ownership to the property!!!!

@5Hessens

4 жыл бұрын

What stops people from googleing that LLC and finding the owner

@donyetta83

3 жыл бұрын

@@5Hessens the anonymity clause attached to llc's in states like WY, NV, DE

In California there is an annual, at tax time, flat fee of $800. My CPA told me I could get a lot of insurance for $800 per year.

@standardprice4921

4 жыл бұрын

good idea, im thinking to ope a land trust for anonymity and get umbrella insurance, and good insurance in my cars too help full coverage the max coverage i can get

@teddybar66

4 жыл бұрын

The name of your Cali CPA would be helpful... And a contract number.

@Notme-tq4xs

Жыл бұрын

California charges $800 a year FOREVER. Get the insurance.

The answer is yes. LLC's force you to separate business and personal. So when you do get sued(you will get sued at least once as a landlord, its very rare that you dont) your personal assets are protected from the lawsuit which will be against your LLC.

@gavip24

2 жыл бұрын

I heard you can pierce an LLC though

@charlesg7926

2 жыл бұрын

@@gavip24 Gabriella is right. My best advice is to not rent to bla.. kk people. And white people are bad too. Renting to Latin/Latina people is the best. They pay on time and don’t wanna sue bcuz they don’t want law/govt involved at all

@gavip24

2 жыл бұрын

@@charlesg7926 🤣🤣🤣 what kind of comment is this? Lmaoooo

@charlesg7926

2 жыл бұрын

@@gavip24 The politically incorrect but true kind. Hey, at least I’m complimenting Latin people! 😘

@gavip24

2 жыл бұрын

@@charlesg7926 u do realize that Latinos are black white and or native right? I happen to be a mix so yea ur comment is stupid dumb. 🤣🤣🤣 Especially when I rent out to a mix of people.

Curious in Texas, they can't take your primary home, so do I still need an LLC for my rentals? And how do I get the property off my personal credit report and into an LLC (if I need one) without triggering due clause payable?

Question for the example at 4:09 ; Would losing a lawsuit require the collection to extend over to other properties owned by “ mainstream llc “ If the worth of the property is not 500,000 to cover the expenses due ? I understand that this is not the case of you have multiple llc but what if all properties are under the same llc?

Fantastic information. Thanks.

So good man! I love you!

1:23. Press that a few times

@matthewverrelli4819

3 жыл бұрын

No cap

Good advice. Thanks.

Great video, love you guys

Great content as always!

Some state jurisdictions require a single member LLC to file a return (I.e. CA)

What about when utilizing business credit... ? It would be a way higher loan amount (10 - 100 times larger) than personal credit loans... utilization is taken as a good thing and they are non secure loans...

If the tenant sues for falling on snow and you have a management company that was supposed to shovel the snow could you sue the management company?

Hi, may someone clarify what type of insurance Graham was talking about at 9:30 ? Thank you!

How many properties should you limit per LLC? Obviously, as your recommendation

I'll be honest... LLC or not, you're right, I'm scared. Really want to get into my first rental property, but it sure takes some courage to take that leap. I'm 27 and and my wife and I built our own house from scratch that we're doing a cash-out refinance in order to finish some of the house along with paying off a personal loan that used to help fund some of the building process. The refinance is going to leave me with about $20k extra after improvements... I was hoping to use this cash as a down payment to get my first rental property, but trying to find a profitable first property is honestly a bit overwhelming. How do you find a good one, what about financing, do you look in your own area, do you look at other states, take care of it yourself since it's just 1 or hire a property manager??? So much to consider. Also, since we built the house ourselves, nail by nail, we've got about $70k of equity into it that we could use down the road to fund down payments for additional properties, so we don't really have to use the BRRR method. The downside to doing that though is that we'd be leveraging our primary residence, which (to us) is kind of like our baby. So that's a bit scary too.

@michaelking42

5 жыл бұрын

1. Buy one near to you so you can keep an eye on it. 2. Put 20% down so you don't pay PMI. 3. Hire a rental property management company, and a good one at that. 4. Stop procrastinating.

@Falanu

2 жыл бұрын

Impressive! That skill set will kill it in real estate!

@Notme-tq4xs

Жыл бұрын

Get liability insurance when you insured the property, then get an umbrella which pays up when the liability insurance is all gone. Easy.

@JayLupe

Жыл бұрын

@@Notme-tq4xs can you explain this in english please

@johnp999

Жыл бұрын

STEP 1. Watch 100 Bigger Pockets videos. STEP 2. After that, if you do not have enough motivation, or enough knowledge, to begin, then I’m sorry real estate investing is not for you.

I like the tax benefits for llc.

So, we're supposed to consult a lawyer to see if there's potential legal exposure involved in owning rental homes listed in our own name? They are going to say yes, 100 times out of 100. That's how they get paid. I had an attorney on Florida who wanted to charge me $5,000 to handle the paperwork of establishing LLCs for the five rental properties I owned at the time. My supplemental umbrella insurance policy (which I would probably need anyway) covering those rentals is $600 per year. Also, no tax preparer or lawyer has been able to answer this simple question, which I have posed, many times: How much will the state licensing fees for each LLC as well as the IRS tax prep charges (tax forms must be filed for each separate LLC) cost me annually? All I get are vague guesses and shrugs.

You could ask your insurance agent if an umbrella is right for you.

@mikegeorge5569

2 жыл бұрын

十𝟰𝟰𝟳𝟯𝟲𝟬5𝟬𝟳𝟳𝟰𝟴█ ▇ ▆ ▅ 🇬🇧

@mikegeorge5569

2 жыл бұрын

Hey.... You can get connected to Mrs Clara with this number here 👆she is always online🥰

"It depends"

Great job!!

much appreciated work

Cold beans is killing me!😂😂😂

Love your vids! I missed a call from Olympia, Wa. This morning. Was that you? LOL

@melhayes204

6 жыл бұрын

D. J. Langehennig me too.

Hello Mr / Brandon .....it is such beautiful a great video I really enjoyed it and I learned from you thank you for everything my question is I do have four properties single-story homes here in Las Vegas I bought them 15 years ago I still paying mortgages for each one plus many other expenses I delete I enjoyed it very much maintaining replacing and repairing myself anything you needed for the tenant but nowadays my tenant started to look at me in a different way the basically they are section 8 families I like them because they stay longer more than for 5 years or more so it is more stabilization for me but nowadays you started to look at me like I'm a rich guy or I'm a wealthy you don't understand what is mortgage mean because you never have them and their lives also I started to be nervous when I go there because they're not cooperated with me and you believe that they can do anything they want inside the property recently decided to break lots of rules and terms and I did not say any words my question is should I have LLC I am really worried if I get murdered Pat example Highly Educated people so I stopped going there but I need to maintain landscaping and front yard because the association rules what should I do should I go for it and can I do that on my own because I am totally broke I got the day off tomorrow from my job here in Las Vegas after 20 years working at restaurant and now I am not doing well financially also my second question is one of these families are really damaging the home very badly to the point that they get the dogs inside the house they are getting everything I want to leaking in their bathrooms also just careless and I am so worried How can did with them to move out with the property I just discovered that they were digging a pool in the back ground that's unusual I never seen that before without even any permission from me should I hire a eviction company or should I hire a lawyer the only concern is I want them to move out they have been there 90 years already so they are getting older and tearing everything apart I know if I speak with them with anything they will fight with me and maybe hurt me physically it is really dangerous situation my concern is I want them to move out without doing any damage inside the property because one of their son says if you take us out I will burn in the house so I'm very worried please help me with your response with your advice also do you want to come and any rental property management here in Las Vegas or North Las Vegas thank you for all I'm looking forward to hear from you my email is kallin4@hotmail.com Kalvin

@lionintu

Жыл бұрын

Ayooooo lmaaaoooooo wtfffff

The safest part of all this is I’m craving cold beans. God i hope this a sign

just wondering if you put the investment in a trust?

Great overview.

Everytime Brandon started talking about "cold beans" the crows started crowing lol

@fijicivic24

4 жыл бұрын

Lmao

What about setting LLC to use business credit to fund deals instead of getting a loan thru the llc?

There is a point where until you are large enough there is no point in forming a company. But have good insurance and nax out leverage

This is an amazing video, how do you get a property under contract through an LLC??

A lot of people do hide behind the LLC question as an excuse of not getting started. Totally agree. This was great info.

@MetalBum

4 жыл бұрын

Ryan Fagan I have no llc and I own thirteen properties and $2.5 million in equity. I was too busy buying properties to make llc and just quickly got insurance

@standardprice4921

4 жыл бұрын

@@MetalBum Do you have $million for each rental and did you ever think to open a land trust for anonymity?

@mastershan87

2 жыл бұрын

I don't see how... It's only a couple hundred bucks... If you let such a tiny obstacle stop you then your probably better off in mom and dad's basement.

Awesome thanks 😊