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One other insight and possible benefit to creating a Property Management company is being able to convert that Property Mgmt company to a S-Corp. Something normally not recommended with property LLC’s. Then your property mgmt company as a sole employee. You can then do a solo 401K. And a nice match.

Papa Clint back at it with the perfectly timed videos!

@ClintCoons

7 ай бұрын

appreciate the support

I highly recommend taking advantage of the Strategy Session. I had one today with Seth. As someone that feels I know quite a bit but also understands that there are many things that I don’t , Seth never talked down to me and it was a back and forth conversation with no ego.

@ClintCoons

Ай бұрын

Glad you were able to set one up

@clintcoons Great video and you are a great teacher, One question, do we need to have agreements between LLC's and property management company? Or not needed since this comes under ONE structure.

Good Info

ok, for those of us that are considering using an already established PM company, would you be willing to make a video (or direct if you already have) discussing questions we should ask/look for when interviewing PM companies.

@ClintCoons

7 ай бұрын

I have. Search my channel for property management and you will find some.

Coach Clint !! Good evening

@ClintCoons

7 ай бұрын

Hello there!

what do you do with the new law where LLCs have to report to the US Treasury?

When opening the bank account for this management LLC what business description should we tell the bank?

Great video! What about if the rental properties are in two different states? Create the property management LLC in one state, and foreign file in the other state?

@ClintCoons

Ай бұрын

Yes, absolutely

Great video! If we have properties in multiple states is there any workarounds about having to form the PM LLC in the actual state where property is located? Or would we need to create various management companies based in every state we own? Was hoping to consolidate to one.

@ClintCoons

4 ай бұрын

Use one PM but foreign file it in every state where you self manage.

I think I get the advantages of forming a poperty management LLC. However, I wonder how that LLC will comply from a licensing perspective. I believe every state requires a license to manage 3rd party's real estate (which it would be the case if two different LLCs are involved).

@ClintCoons

Ай бұрын

You cant manage another person's real estate just your own.

Great video! Would it be OK to create the PM LLC with a living trust as a manager or member to provide annominity?

@ClintCoons

Ай бұрын

Thanks for enjoying the video. I recommend registering for a complimentary consultation with my team. We'll tailor our advice to your specific needs. Sign up here: aba.link/92l

Hi Clint, awesome video! Do you know if you can give the power to your own Property Management LLC to build additions and make new acquisitions? Asking because since it's taxed at a lower rate, maybe we could leave money in the PM LLC and build an addition on one of our properties with those funds and save on taxes that way.

@ClintCoons

7 ай бұрын

There are many strategies to look at when it comes to creating a RE business. If you would like a FREE 30-minute consultation, you can request one here - aba.link/30minSession

@mcbiolife9446

6 ай бұрын

👍 Thanks!

If I’m self managing, how would you suggest setting up this orange box/management LLC….is it okay to just create a manager managed single member LLC in the operating state with my name as the member and manager, or go the anonymous route as another LLC under the WY holding co?

@ClintCoons

7 ай бұрын

Yes I do not see any problem with that approach. When you are managing your tenants I prefer to avoid the anonymity with the management entity.

Thanks for the video. What are your thoughts on a property management company limited partnership in Az (ARS 29-333) in conjunction with asset protection ? Or am I confusing the concepts of added layers of asset protection and property management

@ClintCoons

7 ай бұрын

That works but it will make anonymity more difficult.

@duracell87

7 ай бұрын

@@ClintCoons if the general partner being a WYM LLC and limited partner being a trust (anonymous) will it not have anonymity??

@ClintCoons

7 ай бұрын

@@duracell87 Yes but you will need to register the Wy LLC in AZ and this will blow your anonymity.

@duracell87

7 ай бұрын

@@ClintCoons i appreciate all ur videos and time answering question. Thanks. I still have questions and confused about why the wym LLC doesn’t keep u anonymous in AZ . I’ll look into setting up a free consultation. Thanks again

Clint, Does filing for an ein with your ssn destroy your anonymity ?

@ClintCoons

7 ай бұрын

It does not.

What state should the Property Management LLC be filed in? WY or State in which property resides?

@ClintCoons

7 ай бұрын

The state where the property it manages is located.

I have an LLC named, XYZ Property Management was it better if I named it XYZ Properties then another LLC to "manage" it called XYZ Property Management or is it fine as just XYZ Property Management??

@ClintCoons

Ай бұрын

I think it is fine but I would not use a name similar to the property holding LLC name.

When goin to evict a tenant, will I be able to represent the interest of the company in court or will I need a lawyer every time?

@ClintCoons

7 ай бұрын

Lawyer will need to be hired.

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