 LLCs & property mgt (by Evan [GA]) Jan 13, 2017 9:46 AM
 LLCs & property mgt (by John... [MI]) Jan 13, 2017 10:09 AM
LLCs & property mgt (by Evan [GA]) Jan 13, 2017 10:18 AM
LLCs & property mgt (by plenty [MO]) Jan 13, 2017 10:42 AM
LLCs & property mgt (by mike [MO]) Jan 13, 2017 12:09 PM
LLCs & property mgt (by Richard [MI]) Jan 13, 2017 12:26 PM
LLCs & property mgt (by Deanna [TX]) Jan 13, 2017 12:55 PM
LLCs & property mgt (by myob [GA]) Jan 13, 2017 1:01 PM
LLCs & property mgt (by cjl [NY]) Jan 13, 2017 1:34 PM
LLCs & property mgt (by PeterAK [WI]) Jan 13, 2017 1:40 PM
LLCs & property mgt (by #22 [MO]) Jan 13, 2017 2:41 PM
LLCs & property mgt (by John2 [MI]) Jan 13, 2017 3:14 PM
LLCs & property mgt (by Ray-N-Pa [PA]) Jan 14, 2017 12:47 PM
LLCs & property mgt (by John... [MI]) Jan 14, 2017 1:25 PM
LLCs & property mgt (by Ernie [GA] [IN]) Jan 25, 2017 4:25 PM
LLCs & property mgt (by Evan [GA]) Feb 2, 2017 4:08 PM
LLCs & property mgt (by Evan [GA]) Posted on: Jan 13, 2017 9:46 AM
Message:
State Specific Question About: GEORGIA (GA)
Hello all, I'm thinking of buying a quad under my name and using my LLC to manage it. Georgia requires that you have a real estate broker's license to manage other people's property. Technically I own the LLC and the property, but the LLC is not on the deed. Am I violating any laws here? The reason I want to manage the property under the LLC is to shield the fact that I'm the owner, separate accounts and build business credit to eventually buy properties under my LLC. Any advice is appreciated.
Evan --216.161.xxx.xxx |
LLCs & property mgt (by John... [MI]) Posted on: Jan 13, 2017 10:09 AM
Message:
My understanding is that, in most states, the LLC would need a broker's license to manage since the LLC has no ownership interest in the property.
Otherwise, you're mixing things too much. You're removing part of the veil that keeps the LLC separate from you -- thereby losing whatever "protection" you think it might be providing...
- John...
--207.241.xxx.xxx |
LLCs & property mgt (by Evan [GA]) Posted on: Jan 13, 2017 10:18 AM
Message:
In my situation, I will be an owner-occupant in the quad. I don't want my tenants to know I'm the owner. I want the rent checks to be made out to the LLC. However, the LLC will operate like a property manager. How do owner-occupants deal with this situation? Should I just do a sold proprietor DBA and keep a separate account that way? However, I also want to build business credit as I want to buy more properties in the future with my LLC. --216.161.xxx.xxx |
LLCs & property mgt (by plenty [MO]) Posted on: Jan 13, 2017 10:42 AM
Message:
Who set up your LLC? Ask them.
I get what u are trying to do but it doesn't seem to accomplish what you want. How about... It's all in the presentation. Just tell the other tenants your name is Mikey and not Evan. And to make their checks out to the name of the LLC. --66.87.xx.xx |
LLCs & property mgt (by mike [MO]) Posted on: Jan 13, 2017 12:09 PM
Message:
my opinion would be to buy/own and manage using the LLC. You wont need to be a broker for the LLC to manage since you are the managing or principal member of the LLC --99.82.xxx.xxx |
LLCs & property mgt (by Richard [MI]) Posted on: Jan 13, 2017 12:26 PM
Message:
As I understand it LlC's can be easily penetrated. All you have to do is go to the state website and look at who the officers are.Plus, if you live in a small town everybody knows who ownes what anyway. If you sre worried about crazies, it might be easier to buy into a REIT through the stock market and just let them handle it. Of course then you lose some of the other benefits that direct ownership provides. --23.121.xx.xxx |
LLCs & property mgt (by Deanna [TX]) Posted on: Jan 13, 2017 12:55 PM
Message:
Ask your attorney. :) But wouldn't it be optimal to have the LLC actually own the property, rather than having your name right on the deed? Your area may be different, but in mine, anyone with an Internet connection can find out who owns any property, where the taxes get mailed to, and so on.
If anyone wanted to find all my houses, they wouldn't be able to, unless they happened to know all of my business names to look for. If they just did a last name search in my county's appraisal district website, they'd only get my personal property. The way things currently are, they'd have to figure out at least one of my addresses, search for the address, find the business name, and search for the business name. Then they find all of the real estate in that bucket. But they don't know how many buckets there are total to look for... --96.46.xxx.xx |
LLCs & property mgt (by myob [GA]) Posted on: Jan 13, 2017 1:01 PM
Message:
mine are all FLP (family limited partnership) i manage them all not a broker. You can't manage for others unless your a broker and a few other weird instances.
When others ask if I own them I say no-- i manage them for a family or owners. Everything must go through the owners.
One Hugh problem is setting up an escrow account for deposits. Once you manage more then 10 property's the security deposits must go into a separate escrow account. You can't set up an escrow account unless you're a broker-- so you see the problem.
So we set up a savings account who's name is ******* ******* escrow saving account. We only put those moneys in there to keep them separated from any other funds. --74.184.xxx.xx |
LLCs & property mgt (by cjl [NY]) Posted on: Jan 13, 2017 1:34 PM
Message:
I don't know about your state specifically but in NY you don't need to have a broker's license to manage ONE owner's properties (so cjl could have 1 to 10 properties and Evan could manage all of those without a license). However Evan could NOT manage more than one owner's properties (so you could NOT manage cjl's and myob's properties without a license).
Most likely they are similar in rules - but you never know. --69.201.xx.xxx |
LLCs & property mgt (by PeterAK [WI]) Posted on: Jan 13, 2017 1:40 PM
Message:
Tell the tenants you are the manager, not the owner. I always refer to my business as "we" rather than me. This needs to be consistent to work. I'm not the one who screens applications, decides to terminate leases or file eviction. I just happen to be the one who shows the units and tenants call when they need something. I've had tenants ask to speak to my boss. Sorry, he's going to give the same answer as I am! ;-)
--67.53.xx.x |
LLCs & property mgt (by #22 [MO]) Posted on: Jan 13, 2017 2:41 PM
Message:
Any person whatsoever that tells you to buy under your own name is giving you terribly flawed advice. --174.209.xx.xxx |
LLCs & property mgt (by John2 [MI]) Posted on: Jan 13, 2017 3:14 PM
Message:
I would call a local GA attorney that specializes in real estate. Maybe you can find a local LL association and ask them :)? --70.194.x.xx |
LLCs & property mgt (by Ray-N-Pa [PA]) Posted on: Jan 14, 2017 12:47 PM
Message:
Why not put the quad in a trust.........have the LLC manage the place with you being the sole employee of the LLC.
By doing so, you have some asset protection - especially if the trust administrator is an out of state attorney, you have a passive ownership interest, with an active income source that will allow you to squirrel away a few nuts into SEP your retirement account.
I am not an attorney and it would be wise to consult a GA based attorney. I believe a work around on the law can be having a vested interest in the property. In doing so you are clouding up the separation of the trust and the LLC - so its a balancing act that the local attorney can advise you on --24.239.xx.xxx |
LLCs & property mgt (by John... [MI]) Posted on: Jan 14, 2017 1:25 PM
Message:
#22: I would tell someone to buy under their own name and get a decent umbrella policy -- before I would tell someone to buy under and LLC without that umbrella and think that the LLC would protect them...
- John...
--75.134.xxx.xx |
LLCs & property mgt (by Ernie [GA] [IN]) Posted on: Jan 25, 2017 4:25 PM
Message:
You are not required to have a brokers license to manage for a single entity. I hold title in land trusts and use my LLC as my management entity.
As a manager of a manager managed LLC, I can represent the LLC in Magistrate Court in Dispossessory actions.
Dispossessory is Georgia legal speak for what are called eviction actions in other states. --216.252.xx.xxx |
LLCs & property mgt (by Evan [GA]) Posted on: Feb 2, 2017 4:08 PM
Message:
Thank you everyone. I think I will take title using a land trust and use an LLC to manage it. Also, insure the heck out of it. --172.56.xx.xxx |
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