All Forum Posts by: Scott Mclaren

Don't use a hand-me-down LLC agreement. While they can be similar, an attorney will craft yours using state-specific language. Every state has a statement or terms that vary including typical citations of specific state statutes that authorize LLCs. You can have one written by an attorney and then use it as a model for others. To reduce my legal expenses, I modify the agreement and send it as a word file with changes to my attorney for review.

If the property is in California, be sure to create a CA LLC, it's expensive but the alternative is to register as a foreign entity and pay the same fee. If you do neither, you can not bring a suit in a CA court.

FYI, in most states and perhaps all states, if you have a court appearance against any of your LLCs you need an attorney. You are not the LLC and unless you are a lawyer, you will not be able to defend your LLC as the LLC has the same standing as a person.

Thank you William. All good info. Yes I want one good OA for each state that I can modify for each LLC .

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Quote from @Francis Jonas Helstab:

Hi Scott,

I have a friend that is a real estate agent that has several investment properties that he puts in individual LLC's. I could set up an introduction for you if your interested. He's a great resource. Let me know if that is something you would be open to. I hope you have a great day and happy hunting!

That would be great! Could you DM me his contact info?

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Quote from @Chris Seveney:

I highly recommend against one LLC for property

You are going to spend a fortune on fees and wait till you get the bill from your cpa.

Are you a single member or multi member LLC? That has an impact on your operating agreement but in either situation I have the attorney draft the OA

Fee wise, the 2 states I am in have no annual fees and I have registered agents that don't charge me anything. As for taxes, the LLCs are disregarded for taxes , so I just give the schedule E info to the accountant for my personal return.

I have had some properties grouped into LLCs for years , but now based on some asset protection attorneys , they should be in separate LLCs for the best protection. This will include separate bank accounts for each but it shouldn't be too much to deal with.

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That would be great. I sent you a PM

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Does anyone have a good LLC operating agreement for an LLC that holds rental property? I am going to open LLCs and put each property in its own LLC with each LLC having its own bank account. I have some LLCs now and have somewhat generic operating agreements , but as I am retired from my job and have more time , I want to set things up better. "Springing Member" clause would be smething good to have. Does anyone have any other things they would recommend to have in there? Also any good resources on where to get a well written one? Any good stories about how the LLC protection went in a lawsuit would be interesting to hear also. Thanks in advance for any input

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Is it an old doggie door?

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I would just get them serviced. Check capacitors and contactors and replace as necessary. Of course check freon pressures .

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It’s the recapture tax that will hurt the most . Look into an opportunity zone investment

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I have bought some in the past. You bid the interest rate. It was real good right after the crash . It’s tightened up quite a bit . You bid online so that helps

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I build the cost of gutter cleaning into my rent price. I do not want my tenants up on my roof or up on ladders,

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All Forum Posts by: Scott Mclaren

Scott Mclaren has started 6 posts and replied 93 times.

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