All Forum Posts by: Mike S.

First I’m not a lawyer and this answer is based on my own training and experience only. The fact that your llc is collecting rent without having any relation with the property (no consideration) will make it easy to pierce its veil and bring back all the liability to you personally.

If there are restrictions, you can use a land trust where you are the initial beneficiary then make an assignment to your LLC that will stay private.

I have been using zelle to collect rent for over a year and I have been very happy so far. However some banks are more annoying than other with zelle regarding the delay and maximum transaction amount. Some won’t even let use zelle on a business account. So it will depend where your tenants are banking. I’m closing most of my Wells Fargo accounts as they became a nightmare to deal with. On the other hand I’ve been ok with Chase so far.

Pelican cases are great for fragile equipment, but they are heavy even empty. I am using plenty of them for road travel and keep them for air travel only for some specific items. But for most air travel, aluminum cases rules.

I had a tenant wanting new stainless steel appliances. The old one was near the end of it useful life and i offered them to pay up to a certain amount for a new basic replacement but that they were welcome to pay for the difference for a better one if they wish. They decided to buy a top of the line one, took care of the order, delivery and installed it themselves. They were happy. I didn’t have to do any work, and at the end of the lease if they want to leave I’ll keep the appliance as part of the agreement.

If it is a curable situation (it could be in that case), you should give them notice that they have 7 days to fix the problem; if the same problem reoccur within 12 months, you will terminate the lease immediately. If that is the case then, you can then issue the 3 days notice and so forth.

If it's incurable, you can go with the 3 days notice immediately, but you could be challenged in court and that will eventually take longer to get them out.

I had traveled internationally with tools in some remote countries where you could not find tool easily. I used aluminum tool boxes. They are strong enough to hold a heavy load, and light enough when empty not to add too much weight.

In your case, if you believe that you will be over the free lugage allowance, the ground shipping option is probably a better alternative, expecially if you can do it a week in advance.

Last, if you have some time, it may be cheaper to buy used tools at a local pawn shop, and leave them after at your property in a locked tool shed. You never know when you'll have to come back.

Plenty of information available on Land Trust online.

You can start here

https://www.youtube.com/watch?v=0HixJDgupss&list=P...

https://www.youtube.com/watch?v=NNS8aWhNpS4

https://www.youtube.com/watch?v=ul32Yf9KJB0

https://www.youtube.com/watch?v=zbOi1DFId9U

https://www.youtube.com/watch?v=udaxcLVfZtM

The 1031 Exchange is a completely different animal that as nothing to do with Land Trust.

https://www.youtube.com/results?search_query=1031+...

There are different school of thoughts on the matter. On my side, I am a believer in the one LLC per property concept. If your State has high fee for LLC you may want to reconsider, but in my State, it costs me under $200 a year per LLC and I take that as a cheap additional insurance cost.

As these LLC are tax disregarded, it does not increase my tax burden, but creates a little bit more paperwork as you will probably need one bank account per LLC to avoid losing some protection.

I have on top of it a WY holding LLC that is the single member of all the sub LLC. This one creates some additional tax reporting but that you could probably handle yourself after getting some tax advice the first year.

There are plenty of very good online video on the subject by some of the few real estate/tax oriented attorney firms.

I understand the pro and con of each side and at the end of the day it's a matter of personal choice and what will make you sleep easier at night.

You missed a step in your setup.

When you create the Land Trust, your beneficiary should be you to get the Garn St Germain protection from the due on sale clause.

Then after the land trust is set up, you can assign the beneficiary to your LLC. This assignment is private. Also if you are still the final beneficial owner of your holding LLC, that should not trigger any other reassessment.

https://www.youtube.com/watch?v=HWzAlfy8J6A