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Joe, Home Buyer in Humboldt Park, Chicago...

My partner and i have 4 income properties should i LLC?

Asked by Joe, Humboldt Park, Chicago, IL Mon Aug 26, 2013

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Answers

11
Speak to a Real Estate attorney and let them guide you in the process. But should be possible.
0 votes Thank Flag Link Tue Aug 27, 2013
Call a real estate attorney: Alfred Dynia or Beata Valente773-427-1900.

Good luck!
0 votes Thank Flag Link Tue Aug 27, 2013
To minimize personal liability it is important to have rental properties in an LLC. Each should be in a seperate one.
0 votes Thank Flag Link Tue Aug 27, 2013
Hello Joe, find your self a good real estate attorney to consult with, your on the right track.

Please let me know if I can help you with any purchases or refi's.

With warm regards,

Mary Kay Laurent
Associate Vice President of Mortgage Lending
marykay.laurent@guaranteedrate.com

http://www.guaranteedrate.com/MaryKayLaurent

o: 773.516.6859 - m: 312.403.4150 - f: 773.328.1740
0 votes Thank Flag Link Tue Aug 27, 2013
Speak to an attorney and get this set up - setting up a corporation or LLC is a wise move when trying to protect assets.
0 votes Thank Flag Link Tue Aug 27, 2013
i read the previous comments. all contain good and useful info. I just want to add the following:

are the properties owned free and clear or are there existing mortgages???

if there are mortgages on the properties you just can transfer the ownership to a different entity, i.e. LLC.
0 votes Thank Flag Link Tue Aug 27, 2013
Yes you can do this. Just speak with a lender and they can help you out.
0 votes Thank Flag Link Tue Aug 27, 2013
Yes.

Check with a lawyer. (An accountant comes second.) A partnership is generally the worst way to hold property, or nearly anything else. An LLC, if properly set up and maintained, can help protect your assets. As someone else here said, one LLC might be sufficient, or your lawyer might recommend a separate LLC for each property.

Hope that helps.
0 votes Thank Flag Link Mon Aug 26, 2013
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
Contact
Just depend ...if you just want to pay taxes for a big or small coorporation ....a lot of people try to have small corporations to avoid taxes
0 votes Thank Flag Link Mon Aug 26, 2013
A big benefit of an LLC being formed to limit your potential liability. For further clarification I suggest you contact Don Kiolbassa who is an attorney and CPA.

Don Kiolbassa
312 782 9035
DHK@GBATaxLaw.com
0 votes Thank Flag Link Mon Aug 26, 2013
Talk to your tax accountant. They know your financial profile and can best advise you which form of ownership will give you the best finance outcome, given your circumstances. If you do not have a have an accountant get one. An accountant can file the various paperwork with the city to incorporate your business(es). They may even want a separate corporation for each property.
0 votes Thank Flag Link Mon Aug 26, 2013
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