All Forum Posts by: Stanley Bronstein

@Jason Malabute Yes, it is easy and straightforward, UNLESS you have a complicated structure in your LLC. Then it can be quite tricky. I know because some of the filings I've done on behalf of clients involve quite a bit of legal analysis BEFORE filing.

Stanley F. Bronstein

Attorney, CPA, Broker and Author
Licensed in Arizona and Texas

Website: https://filectapapers.com

As a general rule, I would say that just about everyone who frequents Bigger Pockets who has an LLC is probably NOT going to be exempt and needs to plan on filing.

Stanley F. Bronstein

Attorney, CPA, Broker and Author
Licensed in Arizona and Texas

Website: https://filectapapers.com

Relevant article in today's NBCNews.com regarding alleged illegal eviction activities by some landlords.

https://www.nbcnews.com/news/u...

It may or may not be a question of illegality, but it is quite probably a contractual violation of the loan docs on the underlying loan (if it's done without the lender's approval). Illegality implies criminal wrongdoing. A contractual violation is a civil matter. Totally different things. It's like comparing apples and grapefruit. Based upon my experience, I generally avoid subject to deals and in most cases would not represent a client wanting to do one.

@Kayla Holbert I would check with a NV real estate lawyer. Otherwise, you're potentially playing with fire.

I haven't looked it over, but here's an old thread from BP that might help:https://www.biggerpockets.com/forums/93/topics/70783-wholesaling-in-nevada

@Darrell Bratton I'm not sure leasing your condo to your own LLC is going to accomplish anything for you in terms of asset protection. I strongly suggest you speak with a local attorney BEFORE you do anything. All you might wind up doing is complicating things for little or no benefit.

@Joel Owens My wife listens to Dave Ramsey in the car a lot, so she shares a lot of his thoughts with me that she hears. A lot of what he says is very sound and is generally good advice for the public. BUT, a lot of it (in my opinion), is questionable. I think he's great for helping people get out of debt and keep from getting in over their heads. I'm not so sure I'd take investment advice from him.

What size properties? Are you talking duplexes / fourplexes, or are you talking 50+ unit properties?

Was the attorney hired (and paid) to do your due diligence for you, or were you supposed to do your own due diligence and they were supposed to answer your questions? What was the scope of their engagement with you?

@Dave Foster and @Anthony Petrarca - Glad you figured it out.