All Forum Posts by: Chris Loy

Quote from @Corey Duran:

First, trusts can be complicated beasts. In much of my practice, I see less experienced individuals think everything needs to be controlled by a trust and separated by LLCs, etc. Each attorney has an opinion (I like the flexibility of LLCs moreso than dealing with trusts). However, each of those routes have distinct benefits and procedural peculiarities. If anonymity is a key factor, trusts seem to provide more of it. 

Nevertheless, the reason I'm responding is because the vast majority of people don't anticipate getting sued and, by and large, they are great landlords. But all it takes is one entitled tenant and a tenant-friendly judge to give you the raw end of the deal. The misinformation I've encountered on the tenant side is alarming, and the fact that many times courts will defer to the tenant should give you enough of a concern to pause and think things through. Do you need to hire local counsel? I don't know. But I can *assure* you an ounce of prevention is worth a pound of cure. 

***I am a lawyer, but this is not legal advice.***

My parents own a townhome as joint tenants. However, they want to transfer it to a separate entity (likely an LLC) for protection against liabilities and to start growing their portfolio.

I *believe* that the IRS doesn't treat a single member LLC different from an individual; however, will my parents have a taxable event if they remain members of the LLC (and while I am a managing member but did not previously own the property)?

Hello BP Community!

I'm a fresh law school graduate (from Univ. of Fla.—Go Gators!) who recently relocated to Denver, Colo. I've grown up around real estate my entire life (my dad is a general contractor), and I found my personal interest in real estate through work I've done at various internships while at law school. A few weeks ago I listened to Rich Dad, Poor Dad during very long drive from Denver back home to graduate. Like so many others, it completely shifted my mindset at such a pivotal time. 

I'm currently studying for the bar while simultaneously searching for a job, preferably in real estate law (or something related). I'm very interested in starting out house-hacking by buying a duplex—hopefully I can make it happen in or around the Denver market (that is incredibly intimidating for a newbie!). Outside of that, my main hobby is triathlon, cycling, running, etc., and I can't wait to meet some of you around Colorado and learn as much as I possibly can!