Joe Homs 949-625-4533Real Estate Broker, Pellego · Real Estate Broker at Pellego

Real Estate Investing | Do You Need An LLC For Your Business?

21 Jan 2021 · 2 min

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2:12

This content was created by Joe Homs 949-625-4533. This content was uploaded by Joe Homs 949-625-4533. This is a YouTube video titled "Real Estate Investing | Do You Need An LLC For Your Business?" (created 2021-01-21) featuring Joe Homs 949-625-4533. In a solo instructional video aimed at new and experienced real estate investors, Joe (a broker/mentor with 40+ years experience) explains whether investors should form LLCs, covering liability protection, tax write-offs, the $800/year LLC cost in California, a strategy of forming Wyoming LLCs with a California holding LLC, using separate LLCs per property, and advising viewers to treat investing as a business. The clip includes promotional/subscription calls to action.

Chapters

In today's video, we're going to see if getting an LLC is good for you and your business. Coming up next. If you've been investing for a while, you're probably investing with an LLC. But is an LLC worth it for new investors? Maybe you haven't done a deal yet and you're about to do one. Should you be using an LLC? So maybe you have a few deals already. So the question is, when should you start using an LLC? Let's go over some applications for an LLC. Hi, I'm Joe. If you're new to the channel, welcome. I have over 40 years of real estate experience. I'm a broker, a mentor, and an investor. This channel is dedicated to helping new and experienced investors create the life they've always wanted through real estate. So make sure to subscribe so you never miss a video. Protection from liability. Depending on what state you're in, Obviously we're in here in California, so pulling an LLC in California, there is an extra expense to that. It is literally $800 a year just to have an LLC in California. What I like to do is pull my LLCs out of the state of Wyoming, and then I have one LLC here in California that owns all my Wyoming LLCs and I have a different LLC for each property. That gives me the liability protection spread out amongst different LLCs and different properties. Tax write-offs. So please check with your CPA, but there are a lot more tax write-offs that you can take when you have an LLC. You're running a business. You'll have a lot more business deductions than you would just normally going through your 1040 return. If you're going to build a business around real estate investing, run it as a business. And when you're ready to start building your real estate career and your financial future, make sure to subscribe or reach out to me anytime.