All Forum Posts by: Rodney Blackwell

Minutes are not required for LLC, so are there other documentation required? Operating agreement, any amendments and annual report to state are the only items I am familiar with.

Early on, my attorney recommended separate bank accounts for LLC. After a few years, there does not seem to be much emphasis on separate bank accounts for single member (disregarded entity). Separate bookkeeping for LLC is still necessary for my CPA.

Could you give a little more info on "underfunded"?

I have a corporate tenant that has set each of their stores as a LLC, my lease is with the individual store LLC. The rent monthly rent is paid by the corporation and all correspondence, etc is with the corporation not LLC.

Thanks, again for all the information.

As usual a little information begs more questions!

Just curious, what are a few factors in piercing the LLC veil? I have been a RE investor for almost 40 years and only known one case where the LLC/corporate veil was pierced....environmental.

Thanks in advance

An LLC maybe pierced by a plaintiff attorney, but they have to do the extra work to get the ruling. Also, gives the defendant (owner) an appeal if they desire. Unless it is a huge claim or the attorney has no other work, makes it less appealing for lawyers and much more likely to settle.

The above is just an example of why I use LLC on all my properties. If you should get a judgment against you and you aren't using an LLC, etc, the plaintiff can lien your personal assets!! I just keep minimal money in my LLC accounts. Of course all this is assuming insurance coverage is not involved for some reason.

There is also a good deal of anonymity when using any sort of legal structure. Pretty easy to move ownership around.

This year, I had a tree from one of my properties  fall on a neighbors car.  Clearly an AOG.  Neighbor would not file on his insurance, hauled ME to small claims court. Property titled in LLC, I produced a copy of the deed in court. Judge dismissed suit, told the neighbor to re-file. (Neighbor had the cost of filing,serving process and a lost day of work) I never heard another word.

In my experience, I title everything in an LLC (single member in my case), insurance on all properties and umbrella policy. Not really over the top, just the world we live in these days.

Regards

I had a similar situation on a condo I owned. The damage was inside....I filed on my insurance. Insurance paid claim. Insurance company subrogated the claim with ?? management or HOA, I don't recall. Pretty straight forward you have damage "inside" the walls and you have insurance. If the insurance company denies claim, sue them, if a legal action is required.

Just transferred an LLC ownership this week. Basically, an amendment to the operating agreement. The LLC I transferred owned property, but no mortgage, etc.

I don't think there is a need to re-title the property.

Thanks for the info

I have not been able to find an CPA that is up to speed on the OZ

Thanks again

I presently own a 3-plex in opportunity zone (owned by LLC). I have about $150,000 in LTG this year. I plan to set up an QOF.

Will I be able to to transfer ownership of the 3-plex LLC to QOF (3-plex has about $55,000 left in depreciation)?

Spend $95,000 on rehab.....

Thanks

I don't have the specific zip codes, but I would prefer something in the Belle Meade area and/or near Brentwood (Nashville Old Hickory)

I don't have a specific budget, depends on the property and location

Thanks

I am interested in acquiring either a SF , condo or small complex (2-4 units).  I have been an real estate investor for 30 years.  I am no stranger to rehab properties, but as most of us require-- location and price.  I am thinking about using the property for Airbnb.

I have family in Nashville (one in near Belle Meade and the other near Brentwood).  Ideally, I would like to find something near my family.

I have talked to a couple of RE agents in the area, both seem to be interested their listings not locating property that meet my needs.

Any suggestions 

Thanks