All Forum Posts by: Danny Cerecedes

Hi Nuno,

Here are some of the questions I have:

1. Should I establish my LLC in the state I live in?

2. Considering Forming my LLC in NV for the corporate veil protection but does it make sense to do that if I plan on flipping in CA?

3. Do I need to form a LLC in the state I have rental properties. I own a property in Kansas City and plan on acquiring more.

4. Can I establish one LLC with a series of LLC's within that one entity to hold my flips and maybe even my rentals?

5. If I establish out of state do I pay for that LLC annually as well as my foreign filing fee in CA and the franchise tax fee?

Lots of questions and I know I need to talk to an attorney? Some people have told me that it's not a big deal not to have a LLC but I just feel to exposed if I don't.

Thanks for your input!!!

Hey BP if anyone would like to share how they have their LLC set up that would be greatly appreciated!!

I've already received some info on how to set up a LLC from a different post which was fantastic.

Here's my situation. I currently own the home I live in which is in CA. I own a rental in Kansas City and plan on acquiring a few more. I'm also planning on getting into flipping here in CA.

If anyone has a similar situation I would love to hear how you have it structured? I know Im not receiving legal advice here and that ultimately I should talk to an attorney but just looking for some insight.

I'm considering setting up my LLC out of state (NV) but just not quite sure? Do I need multiple LLC's or one? I have so many questions about this topic but don't want to be greedy with anyone's time.

Thanks ahead for anyone offering some insight!!!

Your not the only one feeling the way you do. I would think most people on BP have that feeling....its a matter of what actions you take to turn things into reality!!! This is a great place to learn and bounce ideas off everyone at BP. Goodluck to your brother...I've been doing the same thing to my wife too!!! Lol

Hey BP

Just wondering if anyone has used Nevada Corporation Headquarters to form an LLC?

Any info is helpful in this company?

Thank you

Brady thanks so much for the info....very helpful!!

 What's up Kevin!

I'm new to BP as well and live in SoCal but work for the Central County FIre Dept up in the Bay Area. We recently consolidated which allowed me to pull my 457 money out and invest into some buy and hold passive income properties. I believe you can do a SDIRA but I had heard that you don't get to write off the interest on loans you may be carrying on your rentals...that could be some bad info that was given to me.

I ended up paying the state and federal taxes and my thought was to get some cash flow properties into my portfolio rather than having my money exposed to the stock market (just my thoughts though).

An example of one of my rentals is positive cash flow per month of $500. I get the depreciation write off each year and on top of that my renter is paying down the principal balance thus building me equity. My goal is to build my portfolio with as many positive cash flowing properties as I can to supplement my pension. I have about 18 years left of service.

Are you City or County?

Hope this helps brother!!

Great Job!! Got one under your belt....sky's the limit.

Love to hear numbers as well and how you found the property?

 Steve 

I am looking to acquire a few more properties in KC as well as flipping properties in CA where I live. Are you saying that I should create separate LLC's for each property (my rentals as well as any of the flips)? There is definitely a lot to learn here....just trying to figure the best route to go. I've heard in Ca that even with an LLC your personal assets can be touch if I were ever sued?

I do have an umbrella policy for both my rental and personal residence in place.

Hey Steve,

I'm looking to incorporate in Nevada for the protection it seems to provide rather than CA incorporation.

I own a rental property in Kansas City and looking to acquire a few more.

I'm also looking to start flipping in CA so I will need to register with the Secretary of State in Ca if I'm not mistaken.

I'm looking to separate my personal assets (my home in CA) from business assets and from what I've read it seems that Nevada incorporation has the best corporate veil.

Your thoughts?