All Forum Posts by: Gina Qing

@Greg, thank you for your suggestion. I am debating if I should set up a LLC or not exactly for the reasons you mentioned as well. You are right, the LLC filing with CA on an annual basis does incur quite some expenses. I am reconsidering whether or not setting up the LLC for holding the property now. As to the liability insurance, are they reliable?

Hello BP friends, Hope all is well. 

I am going to set up a single member LLC in California and use that entity to hold the title of a property that we will be purchasing. I and my husband will be the only members in the LLC.

To start a single member LLC, do I have to apply for a new EIN for the LLC? I had an impression that it would not be necessary, as a single member LLC is a disregarded entity, and the tax return will be filed under our personal social security numbers.

Also, if the property is in a different state than the one where the LLC is based in, would that be ok?

Thank you very much for your expertise and insights in advance. 

Best Regards, 

@Dave Foster, That makes sense. Really appreciate it for your insights, Dave! 

@Dave Foster thank you very much for your expertise, Dave. Your answer relieves me a lot. However, what if the current property is titled to a LLC, and later to be exchanged to a new property, wouldn't the new property have to titled to the same LLC, but not to personal names? In my case, since I would purchase and exchange under personal names, not involving an entity, that's why it doesn't matter if it's me or my husband or jointly on the titles as far as 1031 is concerned?

Hello community friends, I am debating on how to hold the titles to the two properties that are under contract, given some future implication and changing financial situation in our household. There are lot of my own assumptions below, so please bear with my explanation and please feel free to correct me and your advice would be much appreciated. 

Currently, I'm a W-2 earner, and can get qualified to obtain mortgage myself to purchase two properties without adding my husband as co-signer, in which case, I will be the only owner of the titles to the properties. However, since I will become self-employed in the next year or so. In an event when I am ready for 1031 exchange the properties, my understanding is new properties have to be held in the same title, which I assumes I would be the only one who would need to obtain the new mortgage for the new properties. But being self-employed, my concern is that it would be very hard for me to get qualified for mortgage in future.  So, I am debating, maybe I should have both my name and my husband name on the titles, despite he also needs to be the co-signer of the mortgage for these two properties now, in order for us to be able to obtain finance in event of 1031, with me being self-employed in future?

Your expertise and suggestion would be very much appreciated. 

Thank you!

Best Regards

Gina Q.