All Forum Posts by: Scott R.

I've got a rental property in my name. If I quit claim the deed to my Ga LLC (which is owned by a WY LLC w/ a paid-for nominee), would this keep my name out of the public? Further, would an attorney be able to drudge my name up or would it be anonymous to him/her as well? No lawsuits pending or anything, just protecting for the future.
Thx!
Scott

These are STR's on 2nd home mortgages. My concern's w/ the bank. I realize they could call in the loan, but could they also c*ck block hazard/renters insurance in the LLC as well? Would putting the LLC on as addt'l insured side step all the bullsh!t? I think a commercial policy could F this whole thing up w/ the bank. Also, any rec's for an Atl ins. co to work w/?

I've inherited two single-family homes that I rent out. The titles are in my name, loan's are in my late-father's name. I want to move these properties into LLC's and then switch the hazard ins. to the LLC's. I'm pretty sure I can find an ins. co for that (any rec's?), but my concern is the lender will, I don't know, what can they do? I doubt they'd accelerate the due-on-sale clause, but could they somehow ****-block me or insurances all deny me?

ps. I'm aware land trusts avoid due-on-sale clauses, but not sure what advantage, if any, it would provide me in this situation, and in a litigation situation (not in one). Couldn't you anonymize yourself w/ a lawyer-written LLC where they're the nominee or whatnot to the same extent?

Done researching and want to come to the most efficient strategy for handling rental properties. Here it is... w/ questions. 1) Put single family rental properties in their own Land trust 2) Have those land trusts OWNED by individual operating LLC's 3) Form a Holding company LLC that OWNS the operating LLC's 4) Open a bank account for the Holding LLC and direct vacation rental income to this account, then set up a million auto pays for bills, insurance, and any other real estate expense on the same account. Simple right? Yeah right. Working backwards- #1 Does the Holding co. OWN the income, thus protecting it from predator creditor scum trying to attack one of my operating LLC's? #2 Can this Holding co. be registered out of state like WY or Delaware and get a bank acct. (national) in Georgia where properties are located? #3 Can the operating LLC's also be set up out of state or need to be in the same state (Ga) as the properties? #4 Can I set these LLC's up all by myself and still retain anonymity (I understand I can't be the trustee for land trusts and so would need third party entity for that). #5 Does putting properties in a land trust/LLC mean I have to go back and now change the hazard insurance, and if so, how? #6 I'm hungry and my brain hurts so I'm gonna elavejlas ;ladsoipjohu

Thx!

Scott

Ok thanks!

Properties generated $110K last year, I stopped at $120K losses before even going into expenses. I don't want to dig through expenses and itemize all that crap since I'm already at no income. So do I even need to file taxes for passive income? Can I stop detailing once I've gotten down to no passive income? My ordinary income was $30K so is it as simple as filing only for that? 

I've inherited properties, moved the deeds in my name, but the mortgages remains in father's name. If I put the properties in an LLC, my fear is it will trigger a due-on-sale clause. One is a homestead so I don't think I could even put that into an LLC, the other ones I rent (one long term, the other two short term). My goal is privacy, but w/o risking losing the loans. ps. I would probably NOT qualify for mortgage loans on my own. Please tell me how you would proceed.
Thx, 

Scott David Anderson

158 Main St. Springfield, MS. 

Soc. sec# 107-82-2828

pps. Totally kidding about the personal info

You would think this would be obvious, but on an estate filing (1041) the only Standard Deduction mentioned is for a bankruptcy estate at $12.2K. I don't want to go through all the bullsh!t of itemizing deductions when the estate will owe nothing regardless, assuming there is a standard deduction for an estate for over $7K. Please help. Thx, 

I have three rental properties that add up to around $10K in property tax. THEN, I have my primary residence, which has $10K in property tax alone. Can I write off the rental property taxes off under "other taxes" on form A of my 1040 and then write off the entire $10K in property taxes from my primary residence?? Cuz that would be sweet

I have inherited two HELOC's- one is owed $70K, the other $60K. I have extra cash. The plan is to pay off the majority of both BUT then later take it back out later when I need it. This saves me almost $900 a month- think of it as an investment paying 6% (they also take principal). Anyway, this is all for NOTHING if I can't take the money back out. Emory Alliance (sucks) has already deactivated the online account, so do I tell them my father has passed? My fear is they will either try to call in the loan (St. Germain protects me?) or they will allow me to make payments, but not take any money out. Any help would be SO appreciated.
Thanks!
Scott