All Forum Posts by: Stan Wu

David & Katie: Wow...thank you so much for all that no fat information and discription. Reading Katie's link was very helpful. I will consider putting my property in Trust or at least not jump into putting a no-mortgage property str8 into an LLC that is just sitting there.

Thanks everyone.  I would like some more specific or specialized expertise to weigh in.  So far the advice is general info.  Look forward to hear more. 

Have 3 properties including personal house in California, adding a cash purchase of a 8-plex in Youngstown, Ohio in a month. Since I already have a small side business for 6 years, I was thinking it would be a good time to put that Ohio property titled to my business LLC. Get more credit building & some amaninity (public records won't list our names). Consulted with lawyers and here is what they said: Bankruptcy Lawyer said "I represent huge clients with over 1000 doors and 95% of them have the properties in their personal names. If those guys have exposure, it's probably not an issue because they can easily put it title in businesses or LLC.Lawyer 2: "It's not very hard to pierce the veil of protection with LLCs."

Most of the online info on LLCs seem to be sponsored (legal advice/documentation/law firms) or just written with getting eyeballs on the site. It's hard to deny the direct legal quotes I got (see above).

Speaking with my insurance broker, buying 1 umbrella of $400-500 would cover all my personal properties up (up to 5 I think). If I had a LLC holding a property it would need it's own umbrella policy of $350 and separate one for each entity/LLC/social #.

Anyone else deep dive if LLC actually offers the benefits or protections we have all heard about (limits the risk to the business)? Love to hear anyone who has had the LLC fail or just removed. Welcome all LLC & how to use umbrella policy better.

I have a very similar situation but a slightly different question. Reside in California, have a LLC already in California for a small but real business operating in Cal. Purchasing in a 6-plex $240K in Ohio. I posted this question/post but it was flagged for 'self Promotion' because I used XYZ LLC.

Have 3 properties including personal house in California, adding a cash purchase of a 8-plex in Youngstown, Ohio in a month. Since I already have a small side business for 6 years, I was thinking it would be a good time to put that Ohio property titled to my XYZ business LLC. Get more credit building & some amaninity (public records won't list our names). Consulted with lawyers and here is what they said: Bankruptcy Lawyer said "I represent huge clients with over 1000 doors and 95% of them have the properties in their personal names. If those guys have exposure, it's probably not an issue because they can easily put it title in businesses or LLC.Lawyer 2: "It's not very hard to pierce the veil of protection with LLCs."

Most of the online info on LLCs seem to be sponsored (legal advice/documentation/law firms) or just written with getting eyeballs on the site. It's hard to deny the direct legal quotes I got (see above).

Speaking with my insurance broker, buying 1 umbrella of $400-500 would cover all my personal properties up (up to 5 I think). If I had a LLC holding a property it would need it's own umbrella policy of $350 and separate one for eachentity/LLC/social #.

Anyone else deep dive if LLC actually offers the benefits or protections we have all heard about (limits the risk to the business)? Love to hear anyone who has had the LLC fail or just removed. Welcome all LLC & how to use umbrella policy better.

As far as setting up in California is just with the Security of State website. It's under 5 pages , just filing forms. After digging more into it with attorneys, they say LLCs don't offer real protection because veils are pretty easy to pierce. I'm in the same boat as you wondering the value in LLCs. Learning that having robust policy is really good. If you have your rentals properties all in your name then 1 umbrella policy for $400 could cover them all to a point (like if it's 5 properties they may charge more). Each LLC or social must have their own umbrella policy thus this is where the savings would be. Anyone else chime in?

I'm in Walnut and just purchased a 8 plex in Ohio Youngstown.  I love the area and the 8/10 schools.  Man it's great.  Let's all Socal Network!

Been in the YT market for 2 months and haven't seen any.  It may not have enough traffic to have whole salers I think.  THere are already 2-3 established agencies and they also run Property Mgmt.  They have the inside scope and mgmt properties thus they would already have a funnel for off-market listings.

Got my deal in escrow now.  It's exciting.  Looking forward to the rental to be positive. Let's network.

No reply from Frank either.  The other businesses: Geisler Realty & Steel Valley.  Giesler had a good listing but never got back to me to earn the 2 =way commission and the PM business.  Steel Valley's John is responsive if you provide your info quickly.  Looking foward with investing in this town.  

The area is good for investors and living if one chooses.  Did a 6-day exploratory of Ohio real estate.  I will recommend to my team this area.