All Forum Posts by: John T.

@Lance Lvovsky

All right. Now I understand, but....Would I have to be shown as an employee of my own LLC? Also Lance, if I distribute profits to myself, would not that be a clear link between me and my LLC, and therefore an attorney could prove that we are the same and going after other assets? Which I assume is the whole point of putting my assets into LLC's, to avoid that.

Just trying to have a better understanding. I hope I am not complicating this too much.

Hi @Lance Lvovsky, first at all, I want to say thank you so much for taking time into responding the question. I really appreciate it.

I understand that every entity has its own bank account. That part is clear. What I do not quite get yet, if an scenario like this: Let's say, for the sake of the argument, that I have an LLC with 10k on it, and it is on its own LLC Bank account. Every month, rent comes, and it goes straight to that account. But then one day I have an emergency, and I need those 10K, so I make a transfer of those 10k that are in my LLC bank account to MY own personal account, that is on my name. Wouldn't that be a clear link between my LLC bank account AND my personal bank account? If the answer is that I cannot do that, because I cannot transfer funds to my own accounts, how then I distribute my own profits? What would happen, if I have 2 rentals paid off, and I need to live off the money those two rentals are making, but those 2 rentals are in 2 LLC, and each LLC has its own bank account.

     I hope I made myself more clear now.

     Thank you so much

I hope everybody is having a great day . I need some light into a question I have. I am considering to create LLC's for my properties , perhaps a series LLC. I read that no matter how good is the structure you set for your business, if an attorney can prove a relationship between you and the entity , your protection is off. So now my question is , how people move their profits ( from LLC's bank accounts) to their personal accounts ? What happen if I need some money that is in my LLC bank account and comes frOm a rental , and I need that money for a personal matter, or to buy something? I really do not understand this . Would not be that a clear link between me and that entity?

  I know maybe this question looks dump(probably it is ), but I really would like to someone who uses this structures to explain how he can use his profits for any personal use, if given the case. 
I was about to get the series LLC, because apparently I can use one entity for my personal cash and another for my stocks account . But how I do deposit money that comes from my paystubs into this entities, if I want to keep putting more money into it? Would not that be a clear link to my personal account ??

Seriously , very lost into this .

I hope some of you guys can help me to understand this . 

Thank you so much !!!

@Chris Howell if you have the name of the lender, the phone number and address , you should be able to find something about it online .... maybe reviews, Former customers , court, complaints ... someone have to know about this lender. If you can find anything , smells bad ....actually stinks !!

@Daniel Dow I’ll look an  example. 

@Simon Stahl Well, at least I got clear that it can be done and it does not necessarily have to be a problem. Still , I don’t really understand why is set up on that way . Could be because on those separate parcels  , you can build as well? I am just trying to understand, because some times houses have even bigger backyards , but maybe you have not the right to build on those of you wish . 

      I hope someone can clarify this for me please. When I analyze a property, one of the things that I do is going to the Indy.gov web page, and check past property taxes . The thing is that sometimes when I type the address it says that there are multiple parcels at this address, and it gives the option to choose which one you want to check. I even see four different parcels at the same property a couple of times . My first question is why is that, and the second one is, if that affects when you buy the property. What I mean is if when you buy that property, you actually only acquire one of those parcels, and the other ones will remain with the former owner, creating a future issue.  I hope you guys can help me understand this better.

Thank you so much!!!    

@Bret Winegar That’s awesome !!!! Great Job.

@Bret Winegar Good job man, really inspiring. Be proud of you. Were you happy with your contractor and would you use him again? Sometimes things go over budget but is not necessarily a contractor's fault.

@Angela Smith 

I am curious to know what caused the clog as well, and if it was their fault,  how  did you deal with it. 

@Rodney Burayidi Your post is super helpful, seriously. I think you are doing a great job in giving us info about how it was the process. I would love to ask you a couple of questions as well. 

Be proud man, some people talk....some people does not have time to talk because they have to walk.....