All Forum Posts by: Account Closed

@ Laura Smith. You're going to want to check out Clint Coon (Anderson Business Advisors) on youtube. He not only goes into great detail about LLCs and where to get them from, but he's a business attorney who is also a real estate investor. He explains the difference between lawsuits (some frivolous) brought against you personally and lawsuits brought against an LLC if you have a business/company structured that way. Personally, I would use asset protection and use a/an LLC(s). But that's just me. I'm kind of surprised that there's not more discussion about asset protection and the few times I've seen it on here, many think it's a waste of time and money. To each his/her own. Food for thought.

I'm looking at getting into wholesaling.  Do I need a RE license in order to wholesale?  If not, how do I get around this.  Do I need to take title to property at closing and then sell that same title at a different closing (double closing) to my buyer?  Thus, I actually own the property, even if its for just a short time?  Help me understand this.  Thanks.  I live in Missouri by the way.

Thanks Jennifer, I appreciate it.

I lived in Missouri and I'm wondering if I have to work for a broker once I get my RE license?  I want to get my license for investment purposes (I know I don't need one, but I want one for access to more information), but I don't want to have to work for a broker.

Awesome.  Thanks Dave.

I'm considering using Anderson Business Advisors (Clint Coon) as well and have watched many of his videos.  He's not only a real estate attorney, but he's a real estate investor as well.  He uses the logic of anonymity compliance and charging order protections which is not guaranteed in every state, thus Wyoming and Nevada LLCs come into play.  His videos go into great detail not only in how to open these LLCs in Wyoming and various other LLCs, but why doing so is important.  I've researched and there are no complaints or reviews for Anderson Business Advisors on the BBB, but they do have an A+ rating.  When it comes down to it, if a frivolous lawsuit is filed against me, I don't want to be on this forum months or years down the road making posts about how I lost everything because I didn't have asset protection that structured my business/company in a way that would've prevented that in the first place.  I'm not saying that this Anderson company is the way to go even though I'm considering them, but I am saying that the logic that Clint Coon talks about makes complete sense.  I'm not sure of any other agency that even discusses this level of service/protection, much less offers it.  Not to mention the fact that they a real estate investors themselves.  Besides, with all the other business expenses that can be written off at the end of the year, I would think this kind of protection would qualify as a business expense that can be written off as well.

@Louise Alexander. One thing that might help provide more information as to the rationale with Anderson is watching the youtube videos done by Clint Coon (a real estate attorney and co-founder of Anderson). I'm considering these guys as well. They explain things really well. For example, I live in Missouri and just relocated from Arizona where I already have an LLC. I plan to invest in Arizona so I'm keeping my LLC there. Why? Because I want to be able to do business there and if I need to take any legal action, I have no way to be able to do it unless I'm registered to do business there. I do not need an LLC to invest there, but I do need an LLC to be prepared to counter any legal actions that could be brought against me from, say, a greedy tenant that might try to sue for mold infestation. I'm looking to open an LLC in Missouri since I live here now, but I don't want anyone (who might be able to come after me) to know that I own any Missouri LLC and there are only a couple select states that offer anonymity protection, Nevada and Wyoming being 2 of 3 (I believe there are 3 total states that offer this). There are also a handful of states that offer charging order protection as well (explained by Clint Coon in his videos). Since I'm looking at investing in Illinois, Kentucky, Tennessee and Arkansas, I'm looking at LLCs there as well. Is this going to be expensive? Yes. It's the price of choosing to do business in those states, particularly if I want to be able to pursue recourse on anyone that might come after me. I've also learned that some investors take LLCs to the point of placing each investment (i.e. house) in it's own individual LLC because let's say that a tenant in that house comes after me for mold (a common plaintiff pursuit), then their lawyer cannot go through the secretary of states (where LLCs are listed) and see that I own more than one home and go after me for everything that's in that specific LLC. The asset protection is worth the money just for the protection of anonymity compliance and charging order protection. I'm not sure what your goals for investing are, but you might want to consider watching Clint's videos (if you haven't). If I want to do business in neighboring states and maintain that business in those states (if you invest out-of-state or plan to), then I have to be willing to pay the price for that business even if it's just for the purpose of legal recourse down the road from a greedy tenant. Food for thought.

@ Jeff Hall, what's your experience with Anderson?  I'm considering them as well.

Sarah, I have the same question. I do not have a license (just moved from Arizona to Missouri) and am considering one here in Missouri. I plan to not only invest in Missouri, but in my neighboring states as well, so I'm also considering/exploring the possibility of licenses in those states as well. It can be a lot of money. I'm not doing investing right now, but working on company LLC structuring (asset protection) prior to investing, plus I'm an entrepreneur (LLC in Arizona), but have no funds for investing at this point. Good question. I think a license can give us access to information that we might not be able to get through other means. But, to get a license, (at least in Arizona), you have to work under a broker to have access to MLS and I'm not interested in working under a broker, but I'm very interested in the information that's on there. Does Ohio require anyone with a license to be under a broker?

Thank you both for reaching out, I really appreciate it.