Looking to purchase a 2/2 condo in Normandy Isles/Miami Bch; question -single member LLC vs title in my name)

Asked by John Marc, San Francisco, CA Sun Aug 10, 2008

since I'll be working in both San Francisco and remotely at times in Miami Beach. I'll be having a family member live in one bedroom after purchase. I'm wondering if it's best to buy under a single member LLC vs holding title in my name? The reasons of a potential single member LLC is for piece of mind when I'm gone in case of any potential damage caused (extreme e.g., my family member burns the unit, damages another unit, etc.). Also eventually I may rent the unit occasionally during times I'm not going to be in Miami Bch. Looking to talk to a CPA/RE atty soon to discuss pros and cons of both while talking to lender since I've been approved myself, but not under a LLC. Questions I'm looking to clarify are around taxes, LLC costs ongoing/location of LLC - CA is terrible, best asset protection, just getting liability insurance if title just in my name vs single member LLC). Any suggestions/expertise would be appreciated. Eventually I may relocated full-time to Miami Bch as well

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Anita Zelda…, Agent, Miami Beach, FL
Thu Aug 16, 2012
Freud specializes in investment properties, and often deal with complex relocation situations such as this. We are happy to advise to the best of our ability, however we recommend contacting a real estate attorney for legal questions, feel free to visit our site.
Web Reference:  http://www.freudrealty.com/
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Miami Beach…, , Miami Beach, FL
Thu Aug 16, 2012
We recommend speaking with the building association as well as a real estate attorney in Florida. They will be able to advise you better in this. It is an excellent time to buy in Miami Beach, and rental prices are increasing. Best of luck.
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Fabian Alvar…, Agent, Golden Beach, FL
Sat Mar 3, 2012
I don't think your lender will allow you to do that. Give me a call . We have a great RE attorney in our office.
OPtimar international Realty

Fabian Alvarez
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Ines Hegedus…, Agent, Miami, FL
Sun Aug 10, 2008
John - your research goes way beyond taxes. Many condos do not allow companies to buy, so keep that in mind and ask before you purchase. Something else to keep in mind is that a loan under an LLC may have higher interest rates than one under an individual and we are finding those loans a lot more difficult to get.

We deal with a lot of foreign Nationals that create corporations and LLC's to purchase real estate for tax purposes and can tell you that in our experience, the insurance has never been higher - the insurance is based on the property and the risk of the property and whether or not it will be rented.

Normandy Isles has great condos, one that comes to mind is the King Cole. Make sure special assessments have been paid and any "pending issues" with each particular condo have been resolved.

Hope that helps,
Web Reference:  http://www.miamism.com
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