All Forum Posts by: Ray Detwiler

The plan here was to have my Delaware holding LLC own the ohio LLC that owned the property so even if someone found out who owned the Ohio llc, our names would stay out of the mess, but I see now that that's not possible unless we use commercial lending. So that was probably $2k I didn't need to spend.

Thanks for your real world experience on that aspect of the deed transfer. 

I will talk to our lender and see if they would have a panic attack if we put the home in an LLC.

Would it even be worth putting the property in an Ohio LLC at this point? or just ride it out and do our best to keep tenants happy, and worry about it for next time...?

I've tried researching this a bit but haven't quite been satisfied with what I have found, so I apologize in advance if this has been answered and I just missed it or didn't understand it correctly.

Few questions - 

1) I have taken the first leap and am closing on a property in Ohio mid October.  We live in FL. It's my family's first rental property. I have tried to read and research as much as possible along the way, but am discovering that there is a lot I don't know, so I am still learning as I go.  
Due to more favorable loan terms (and a bit of impatience/ignorance on my part) we went the traditional financing route for the property, with my wife and I both being on the loan. I am in the process of putting final touches on Irrevocable Trust and Delaware Holding LLC with my attorney. The plan was to open an Ohio LLC that would be owned by the Holding LLC and put the property under that LLC. Holding LLC would be owned by Trust. HOWEVER, I'm reading a lot of mixed reviews on whether I'll be able to put the property in an Ohio LLC (we won't be the primary owners of the LLC, since it will be owned by the Holding LLC. I've also heard lender may require repayment or refinancing of the loan).
Am I F'd at this point? or is it still possible to transfer the home to an LLC for asset protection with a quit claim?   Would we be able to put the home in the Holding LLC since our names are directly on it (albeit a Delaware LLC meant to hide our identities)?

2) Assuming I can proceed and put the home under an LLC of some sort, what would stop the tenant from just checking the county tax records and finding out who is listed as the last purchaser, and from there come after my family? Would we still be vulnerable at that point, even if the property is in an LLC?

I've tried to provide all the relevant info but if I missed something that would assist in answering the question, let me know.
Thanks for your time!

Thanks @David Dey
I set up a time to chat with him later this week.

My wife and I are looking to get a few out of state properties.  We currently are involved in a few syndicated deals and want to expand a bit.
I have been advised to seek the help of an entity lawyer for how to structure our business.  We live about 40 min from Fort Lauderdale and similar from West Palm Beach.  Anyone have any recommendations? I was really hoping to have things set up by end of October but I can't seem to get traction on this one thing.  Thanks for your help!