All Forum Posts by: Greg Boots

Eric,

I'm looking forward to your contributions, it is always great hear from a different perspective.

Greg

Hi Mark,

Welcome to the site! This is a great resource to gain knowledge.

To your success!

Greg

Make sure you check the exclusions on the policy. You may want to check on adding environmental coverage as a rider on the policy.

That's correct. You definitely do not want to place the rental property directly in the LP because the other assets in the LP would be at risk. Have the LLC independent of LP even though you will have to file an additional return.

Mike,

You are correct, the benefit of having the LLC in the LP would be to protect the other assets inside of the LP. From a tax standpoint there would be a disadvantage having the LLC inside of the LP if you are looking to capture the depreciation on the holds within the LLC.
I think you are on the right track with the LLC but from a protection standpoint you would be in the same position if you and/or family members were the members of the LLC plus you would have the ability capture the depreciation on the properties.

Have you checked online with the Secretary of State? Even though most states don't ask who the members are, the manager of the LLC is almost always listed. If the LLC is a member managed LLC you will be able to see who the owners actually are, if not, then send the correspondence to the manger.

Damon,

Welcome to the site. There are some great deals in your area. I have picked up a couple of commercial properties in Vegas. Don't let people discourage your goals, all you have to do is believe in yourself, learn as much as you can and then put your plan in place.

To your success.

Greg

Ray,

Welcome to the site, there's a lot of great information here and the opportunity to network that will help make your goals a reality.

To your success.

Greg

Lacore,

Welcome to the site, you are in the right place to get the information you need on your new business venture.

To your success.

Greg

Donna,

In most states it is not necessary to have an attorney involved with the closing. However, there are a handful of states where you are required to have an attorney handle to closing.

The only real difference is price and what the state law requires.