I watched this 3 times because every part of it touches some aspect of what I'm doing. I'm in NYC and it's only a matter of time before these strategies become a key part of protecting my legacy. NYC is becoming more hostile to landlords and empowering tenants towards litigation. I have lots of work to do with you guys! This may be one of your best videos ever!
Thanks. We may need to modify this for NY if the gov signs into law the New York LLC Transparency Act, which she probably will. The law is modeled after the Corporate Transparency Act. Like the CTA, the goal is to uncover and stop money laundering by revealing who really owns the LLC. But here's where New York is doing things differently: They want to put all this owner info in a public online database for everyone to see. This is unlike the CTA, where FINCEN protects the data from the public. With the CTA, this owner info is mainly used by the cops and for national safety. It's not shared out in the open, and they ensure it's super secure. However, New York's idea? They want to make it open to everyone unless there's a reason not to. Complete BS!!
Have you done a video yet regarding owning rental property in your own name, that still has a mortgage and the best strategy to newly create anonymity? (specifically for NC, SC, and GA). And if so, could you direct me to that RUclips link? And if not, would you mind doing a video on this? (You're always welcome to give the answer here, but I think a ton of people would want to see an answer to this.). Thanks again for putting out such great, high end content. It is absolutely appreciated.
@@ClintCoons Is there a way to create anonymity at all when someone has a mortgage in their personal name? if so, how would one go about creating that anonymity?
Thank you Clint, I learnt a lot from you, one question is, when I set up the structure like you said, how to collect the rent from tenants? bcs they will know your name on the bank account when they send rent to you.
You collect rent in a management entity you own and control or in the name of the LLC that owns the property. The entity name is on the account not your personal name.
I'm seriously on the cusp of using Anderson. I'm trying to iron out the wrinkles. Are you saying that if I have a GA LLC and I use a WY holding company for anonymity, I will not be able to build business credit in either the WY LLC or the GA LLC?
Yes it is very difficult to build BC with a WY entity. Why are you looking to build BC? I am curious as to your expectations that come with building BC. Some companies tell investors that with BC they will have access to loans that are based on their businesses credit score. That is very unlikely. Trade lines yes but not loans.
@@ClintCoons thanks for asking and responding. Yes, I want to build business credit so I don't have to keep finding the business during the early stages. Moving money from one account to another. I feel it will help me keep a buffer between my personal account and my business accounts. So loans are unlikely? I wasn't planning on them but it's good to know.
Anonymity... after all the efforts to be anonymous, I'm advised to file my LLC's as disregarded entities, per ABA, and the LLC's are attached to my 1040 on Schedule C. Where is the anonymity? I don't get it... shouldn't they be C Corps so they have their own tax return. Please clarify this "lack" of common sense... thanks
Don you can not be anonymous with the IRS. Your tax returns are private and not available to the public. When we discuss anonymity we are referring to a title search.
Great video Clint, in the last question Daniel Lopez ask for the Move Assets for the Diferent LLCs and my doubt is if I have 12 Real Estate for Rent how LLC in for Example Florida or NM and I Can Move All REAL ESTATE Iand for Nevada LLC and after I can Close my LLCs in this 2 States and only Stay with Nevada Séries LLC or Maybe make the Land Trust?🤔Or I need Create all from de Zero in Nevada LLC?
Great Video. Just to make sure I understand correctly.. If I want to build business credit and/or invest in 1-4 family real estate, my set up should be as follows. Wyoming Manager Managed Holding Company (Blue Box), Texas Member Managed Subsidiary LLC (Red Box). The subsidiary company will be formed with the holding company as the member, but in the operating agreement it will show me as the member instead or along with the holding company? Also, how does one assign their interest to the holding company without it pertaining to the operating agreement? I'm speaking on the info presented between 13-20 mins into the video. Any info to my question is greatly appreciated.
Appreciate the info. Regarding my first question, do I need change the subsidiary operating agreement to state me as the member or do I keep the holding company as the member and just include myself as president to gain business funding?
@@jordanrobinson6317 Im not sure if you will get business funding if you keep the WY LLC as the member. Business funding does not pair well with anonymity.
@@jordanrobinson6317 Yes you will want to be listed on the operating agreement as its member and the address listed with the state should be an address you are associated with.
I had a WY created to act as a holding company but we set it up as a member managed llc not a manager managed llc will that cause a problem? If so how do I fix it? Dissolve and start over?
How should a person go about establishing business credit in a Holding company and operating llc scenario? Should a person personally guarantee business credit cards and lines of credit for both businesses? How can you build a business, protect your assets, and is it possible to run a business remotely?
You will have to in my experience. Second, it is difficult to build BC in a holding LLC because the entity does not really do anything other than aggregate the holding of investments.
@@ClintCoons ok.thank you.can a sba loan for property be done in a new entity in Texas, if the operating company is owned by an anonymous entity? How do I get the real estate experience to be approved for a loan to buy rental property for the new business?
Some states offers weak charging order protection on single member LLC. However, in many of your tutorials, you structure to have one WY LLC as Member to an foreign state LLC. Assuming the foreign state is a weak on charging order protection state (e.g. CA), Isn't that effectively makes the LLC a single member LLC and less protected?
Hi Again Clint,In he 51 Minutes the Video Lulda Ask: Why Always WY or DE? wHY NOT az or NM?😉 And I like NM, but I know your leak about the protection for the lawsuit, but if I set the WY LLC as a Hold to hold strong to protect and below it I put several NM LLC, This is possible to improve the protection of the since the NM after incorporated an LLC never asks for information from the owners and nor does it ask for reports in addition to not charging any renewal fee i.e. it gets cheaper to maintain as well. For example I set up a WY FENCE LLC Holding and below I place ten (10 ) NM LLC for 10 rental properties, this can ensure good protection as it is below WY LLC OK? And wouldn't you need to have a LAND TRUST or even set up Series LLC in Delaware and for an annual cost of only $ 60 in Wy ok?🤑 since NM does not charge renewal and does not ask for annual reports. What do you think of this strategy?🤔
I don't know the answer to this and I hope you get it. I do recall seeing a video about how the trustee can avoid being sued. Not sure if it was one of their videos
Thanks for all this great content. What do you do about North Carolina, where they need the names of managers on the annual report? Also, in NC they like to have a Certification of Trust recorded along with deed, that needs signed by the Trustee, if you're the Manager of a WY LLC as Trustee, then you're signing.
You set up a member managed LLC and provide the WY LLC as the managing member. Why would you file a certificate of trust if you are transferring real estate into your own trust?
Hi Clint, Thanks for all the information. I have a question about address of the LLC: When I setup my WY LLC (Blue Box LLC), there is a RA address, a Principal Address both of which are of my RA. Then there is a mailing address for business which is a virtual address (or could be RA Address for certificate of org purpose). Now when setting up my state's member managed LLC (Red LLC), where you mentioned to provide the WY LLC as the member, which address is the address of WY LLC? Is it the RA or Principal Address (which is same as RA) or Mailing address which is a virtual address?
I clint for anonymity what do you do about insurance policy for real estate? Do you put it under the llc or land trust and do most insurance do this. Also is it just home insurance or something else since it's a rental. Can you make a video about this if possible
![YoungBoy Never Broke Again - Missing Everything [Official Video]](http://i.ytimg.com/vi/dTYeMZGzOzw/mqdefault.jpg)
I watched this 3 times because every part of it touches some aspect of what I'm doing. I'm in NYC and it's only a matter of time before these strategies become a key part of protecting my legacy. NYC is becoming more hostile to landlords and empowering tenants towards litigation. I have lots of work to do with you guys!
This may be one of your best videos ever!
Thanks. We may need to modify this for NY if the gov signs into law the New York LLC Transparency Act, which she probably will. The law is modeled after the Corporate Transparency Act. Like the CTA, the goal is to uncover and stop money laundering by revealing who really owns the LLC. But here's where New York is doing things differently: They want to put all this owner info in a public online database for everyone to see. This is unlike the CTA, where FINCEN protects the data from the public. With the CTA, this owner info is mainly used by the cops and for national safety. It's not shared out in the open, and they ensure it's super secure.
However, New York's idea? They want to make it open to everyone unless there's a reason not to. Complete BS!!
@@ClintCoonsOh no. I got some sub2 and lease options in long Island in trusts own by LLCs
3 possible options: 1. Create an LLC 2. Create a Trust 3 Move you and your assets elsewhere.
Thanks Mr Coons, these are very valuable vids. I got a registered agent and 2 LLC's due to your advice.
Staying anon is tricky, I've found.
Glad to help
Brilliant work! Congratulations on your creativity and leadership! Thanks so much for sharing and educating real estate professionals!
Thanks so much!
@@ClintCoons can you help structure asset protection please
@@nonamenolasname2677 Claim Your FREE 45-minute Investment Strategy Session to receive business planning tips and asset protection. 👉 aba.link/clintss
Incredible video. I learned more one this one than I did in HOURS of watching your other presentations, including your 3 day class
Looks like I need to up my 3-day class game. 😂. thanks for the comment.
Thanks for the knowledge!
You bet!
Thank u very good xplain
You are welcome
So important that you have proven to make 💯. The most powerful ✨️ protection! Thank you Clint..
Have you done a video yet regarding owning rental property in your own name, that still has a mortgage and the best strategy to newly create anonymity? (specifically for NC, SC, and GA). And if so, could you direct me to that RUclips link? And if not, would you mind doing a video on this? (You're always welcome to give the answer here, but I think a ton of people would want to see an answer to this.). Thanks again for putting out such great, high end content. It is absolutely appreciated.
Iam not sure I fully understand your question. Are you asking if you can be removed from the mortgage so you can not be found via the lien filing?
@@ClintCoons Is there a way to create anonymity at all when someone has a mortgage in their personal name? if so, how would one go about creating that anonymity?
Thank you Clint, I learnt a lot from you, one question is, when I set up the structure like you said, how to collect the rent from tenants? bcs they will know your name on the bank account when they send rent to you.
You collect rent in a management entity you own and control or in the name of the LLC that owns the property. The entity name is on the account not your personal name.
I'm seriously on the cusp of using Anderson. I'm trying to iron out the wrinkles. Are you saying that if I have a GA LLC and I use a WY holding company for anonymity, I will not be able to build business credit in either the WY LLC or the GA LLC?
Yes it is very difficult to build BC with a WY entity. Why are you looking to build BC? I am curious as to your expectations that come with building BC. Some companies tell investors that with BC they will have access to loans that are based on their businesses credit score. That is very unlikely. Trade lines yes but not loans.
@@ClintCoons thanks for asking and responding. Yes, I want to build business credit so I don't have to keep finding the business during the early stages. Moving money from one account to another. I feel it will help me keep a buffer between my personal account and my business accounts. So loans are unlikely? I wasn't planning on them but it's good to know.
How does the BOI mandate affect the anonymity of members with creditors/judges? Do they have access to that information now?
To my knowledge they do not.
Anonymity... after all the efforts to be anonymous, I'm advised to file my LLC's as disregarded entities, per ABA, and the LLC's are attached to my 1040 on Schedule C. Where is the anonymity? I don't get it... shouldn't they be C Corps so they have their own tax return. Please clarify this "lack" of common sense... thanks
Don you can not be anonymous with the IRS. Your tax returns are private and not available to the public. When we discuss anonymity we are referring to a title search.
Great video Clint, in the last question Daniel Lopez ask for the Move Assets for the Diferent LLCs and my doubt is if I have 12 Real Estate for Rent how LLC in for Example Florida or NM and I Can Move All REAL ESTATE Iand for Nevada LLC and after I can Close my LLCs in this 2 States and only Stay with Nevada Séries LLC or Maybe make the Land Trust?🤔Or I need Create all from de Zero in Nevada LLC?
I would use land trusts to facilitate the transfers to the various LLC
Great Video. Just to make sure I understand correctly.. If I want to build business credit and/or invest in 1-4 family real estate, my set up should be as follows. Wyoming Manager Managed Holding Company (Blue Box), Texas Member Managed Subsidiary LLC (Red Box). The subsidiary company will be formed with the holding company as the member, but in the operating agreement it will show me as the member instead or along with the holding company? Also, how does one assign their interest to the holding company without it pertaining to the operating agreement? I'm speaking on the info presented between 13-20 mins into the video. Any info to my question is greatly appreciated.
The assignment is via a separate document but the operating agreement has language to ensure the transfer is a "Permitted Transfer".
Appreciate the info. Regarding my first question, do I need change the subsidiary operating agreement to state me as the member or do I keep the holding company as the member and just include myself as president to gain business funding?
@@jordanrobinson6317 Im not sure if you will get business funding if you keep the WY LLC as the member. Business funding does not pair well with anonymity.
@@jordanrobinson6317 Yes you will want to be listed on the operating agreement as its member and the address listed with the state should be an address you are associated with.
I had a WY created to act as a holding company but we set it up as a member managed llc not a manager managed llc will that cause a problem? If so how do I fix it? Dissolve and start over?
It is not a problem. Both work in WY as a holding company.
How should a person go about establishing business credit in a Holding company and operating llc scenario? Should a person personally guarantee business credit cards and lines of credit for both businesses? How can you build a business, protect your assets, and is it possible to run a business remotely?
You will have to in my experience. Second, it is difficult to build BC in a holding LLC because the entity does not really do anything other than aggregate the holding of investments.
@@ClintCoons ok.thank you.can a sba loan for property be done in a new entity in Texas, if the operating company is owned by an anonymous entity? How do I get the real estate experience to be approved for a loan to buy rental property for the new business?
@@DL-1 You would most likely need to forgo the anonymity if you want to build credit
@@ClintCoons oh no... thank you for answering..
But I'm going to cry over my cereal those morning...jk
😂
Some states offers weak charging order protection on single member LLC. However, in many of your tutorials, you structure to have one WY LLC as Member to an foreign state LLC. Assuming the foreign state is a weak on charging order protection state (e.g. CA), Isn't that effectively makes the LLC a single member LLC and less protected?
Yes it is in those states.
Zzz
I would like to set up my trust. Would like to know your steps .
If you would like a FREE 30-minute consultation, you can request one here
- aba.link/30minSession
@@ClintCoons I did
Hi Again Clint,In he 51 Minutes the Video Lulda Ask: Why Always WY or DE? wHY NOT az or NM?😉 And I like NM, but I know your leak about the protection for the lawsuit, but if I set the WY LLC as a Hold to hold strong to protect and below it I put several NM LLC, This is possible to improve the protection of the since the NM after incorporated an LLC never asks for information from the owners and nor does it ask for reports in addition to not charging any renewal fee i.e. it gets cheaper to maintain as well. For example I set up a WY FENCE LLC Holding and below I place ten (10 ) NM LLC for 10 rental properties, this can ensure good protection as it is below WY LLC OK? And wouldn't you need to have a LAND TRUST or even set up Series LLC in Delaware and for an annual cost of only $ 60 in Wy ok?🤑 since NM does not charge renewal and does not ask for annual reports. What do you think of this strategy?🤔
Yes that is how I would do it. The question I think was about replacing the WY holding with a NM holding.
As the member/manager of the Nominee Trustee, how would I respond to lawsuits against the owner of the property when all I am is the Trustee?
You would respond on behalf of the trust.
But what if I'm personally being sued?
@@terrycrawford6740 Not sure what your trustee LLC has to do with a personal lawsuit.
The manager of the Trustee LLC is being sued (internal threat) because the Trustee LLC is the title on record.
I don't know the answer to this and I hope you get it. I do recall seeing a video about how the trustee can avoid being sued. Not sure if it was one of their videos
I wonder if Clint Coons and John Madden are related
Thanks for all this great content. What do you do about North Carolina, where they need the names of managers on the annual report? Also, in NC they like to have a Certification of Trust recorded along with deed, that needs signed by the Trustee, if you're the Manager of a WY LLC as Trustee, then you're signing.
You set up a member managed LLC and provide the WY LLC as the managing member. Why would you file a certificate of trust if you are transferring real estate into your own trust?
Hi Clint, Thanks for all the information. I have a question about address of the LLC: When I setup my WY LLC (Blue Box LLC), there is a RA address, a Principal Address both of which are of my RA. Then there is a mailing address for business which is a virtual address (or could be RA Address for certificate of org purpose). Now when setting up my state's member managed LLC (Red LLC), where you mentioned to provide the WY LLC as the member, which address is the address of WY LLC? Is it the RA or Principal Address (which is same as RA) or Mailing address which is a virtual address?
Virtual address is typically used.
They have Cali RA agent might be used on the red formed Cali
I clint for anonymity what do you do about insurance policy for real estate? Do you put it under the llc or land trust and do most insurance do this. Also is it just home insurance or something else since it's a rental. Can you make a video about this if possible
Very Good question, like know this Also?
Yes you will move the insurance over to the entity.
Poor Tom
NJ taxes everything. That's why everyone is moving to Delaware and Florida.