Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 8 years ago,

User Stats

11
Posts
4
Votes
Ben Moore
  • Wrentham, MA
4
Votes |
11
Posts

Like so many.. but best options now... llc / leave as is...

Ben Moore
  • Wrentham, MA
Posted

So I am new to the forum and I have to say there is so much rich info. on this forum this topic may have been covered but I have not found the advice / guidance I am looking for. 

Like so many, I became an accidental landlord about 10 years ago.  I had bought a single family and was selling the two family I had been living in.  The two family deal fell through and I decided to keep it as an investment property. 

To be honest, I did not give much thought to entities or anything like that.   I just kept it, collected the rent, kept basic track of expenses and took out an umbrella policy just in case.  

Then about 2 years ago, I had the opportunity to create a revocable trust and moved both my primary and rental property into it.  So I did. 

Thankfully all is going well (fingers crossed and wood touched) and the property is cash flow positive.  Thinking that I might invest in another property I started to do more research and started to think I might (well I am)  be doing things wrong.  So digging deeper and reading a few books I opened up a pandora's box... 

So to my question (and apologies for being long winded) ...

Does anyone have any thoughts on the above.. 

(a) should I move the property out of the trust and move it into an llc?  

(b) Which type of llc would be best for my situation (I could be sole or I could bring my wife into the llc as well - this always confuses me.. ).   

(c) is there an option to bring the llc into a revocable trust 

(d) I am guessing i may have tax issues moving it from my name to llc - any guidance ? 

(e) any other thoughts guidance ?

If relevant but I like in Massachusetts

Thanks and looking forward to the discussion and being an active participant on this forum.

Loading replies...