All Forum Posts by: Dan Nguyen

The idea is that if one LLC is sued, they can't take from another one. That way if you had $1,000,000 in equity in just one entity and it was sued... well that could become a problem.

You can get very creative with diffusing liability.

Thanks. I was familiar with separating liability, but wasn't sure if $200K was a specific number to use as limiting equity.

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Originally posted by "REIJIm":

You can have each property in a land trust and make the beneficiary of that trust an LLC.

Some people like to have no more than $200k equity in each LLC. You can make new LLC's under the umbrella (original) LLC. The funds can flow through the same bank account.

Is that just a personal preference for liability reasons?

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Originally posted by "ncarey":

Originally posted by "Castillo183":

How do you get a LLC started? Do I have to go to county Court ?

I don't know where to go in your area but a search online may help. I also recomend legal self help books by Nolo Press. They have some excellent books about creating and running LLCs. You may find them at your local library. I know the Nolo book on creating your own LLC has state by state instructions on where to file.

I am not necessarily recomending that you create and LLC by yourself (although it is easy) but if you read the books you will have a much better understanding when you talk to a lawyer.

I second this course of action.

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This is for CA: I've dealt with one investor who registered a handful of LLCs to have them ready for his properties. You do have to pay the annual franchise tax and some minimal paperwork with the state.

In my experience, the best way to attribute expenses to an LLC is to open up a bank account and/or credit card and just pay for LLC expenses out of those accounts. It makes it easier to keep track of the business expenses vs. personal expenses.

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I haven't been on the business side, but for my latest vacations, I look to Craigslist for accommodations. Maybe I'm telling you something you already know, but when you're advertising property for rent, I suggest doing some posting there.

HTH,

Dan

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Originally posted by "msedwick":

Hi Dan,
What is your current occupation? How long have you been selling real estate? I assume if you are a broker, you must have been an agent for a while? We have alot of folks from OC as members on this site. Have fun looking around the forums and use the resources - they're great! Good luck, Mike

Hi Mike:

I am an attorney, which made me eligible to sit for the CA broker's exam. I've had a couple of friends who knew that I was sitting for exam and wanted me to help them with their home searches. I'm also starting to invest in RE, and hopefully this can help me a bit in my investments.

Looking forward to this board.

Dan

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If you're talking about a homestead exemption, I think it depends on each state, but generally you file for a homestead exemption with the appropriate government entity (state, county, local). What this does is protect your home from a forced sale if you have a judgment or other creditors going after you.

I'm sure there are more experts here about this, but I hope that helps a little.

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I just recently joined this forum, but wanted to check in as another OC'er. Look forward to chatting with some of you.

Dan

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Hailing from the Orange Curtain :).

I just recently passed my brokers test and hope to use my license to do some personally REI as well as being a buyer's agent. I think it is a good complement to my current occupation.

I look forward to learning and contributing to this board.

Dan

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All Forum Posts by: Dan Nguyen

Dan Nguyen has started 1 posts and replied 9 times.

Post: Real Estate Trusts?

Post: Real Estate Trusts?

Post: When should I start my LLC?

Post: When should I start my LLC?

Post: Advice for New Business ?

Post: New from Orange County, CA

Post: Homestead

Post: Orange County, California?

Post: New from Orange County, CA