Bought some commercial property (was LLC question..)

[dang]

Specifically, when using it for real estate.

EDIT: I've moved past the LLC part and have purchased the property.... added some content at the end.

Dan

 

[scottd]

I am familiar. What's your question? Disclaimer: I am not an attorney.

Scott

 

[Stevehose]

We have a summer house in an LLC I can try to help with questions.

 

[Ohmess]

The primary advantage of owning an LLC is that it shields the owners from liabilities arising within the LLC.

Generally speaking, there are few activities associated with the ownership of real estate that can create personal liability for the real estate owner. Instead, most of the liabilities that can arise from owning real estate decrease the value of the real estate itself, whether owned outright or through an LLC. My view is that protection from the ordinary risks associated with real estate ownership are best handled through some form of insurance.

 

[dang]

In this case I'm partnering with someone who already has an LLC and wants this property under that one. I would have a contract explaining ownership, but I was concerned about the liability if were not under the LLC. I got some feedback from others that there are other types of LLC's that can be used "above" other LLC's from multiple parties. My future partner also said not to worry about it because he'll do whatever makes me comfortable...

 

[Ohmess]

That's fairly common if your partner is using money from an existing LLC to make the real estate investment. Your arrangement will actually involve two contracts regarding ownership; one dealing with the LLC's ownership of the real estate, and another dealing with your ownership (and your partner's) of the LLC.

 

[dang]

Well, we're signing papers next week for the property! I'm excited and have a knot in my stomach at the same time. LOL I've been cleaning up both properties and managing some other work getting done... tree trimming and removal, clean up, etc. I also installed a chain link fence and gate for one property and will do the other property soon. Two parcels next to each other, each about an acre. One has a 5000sqft building built in the 70's and the other has a 5500sqft building built in the 50's or earlier and a 1000sqft house built in the 30's or 40's. That said, there's a cool feel to the property. Here's some random photos I've taken at different stages of clean up...

 

[Nicad]

You got your own Payloader?? Cool.

 

[rsporsche]

so are you creating 'coupe central'?

 

[Arde]

Is all that space to host the e9coupe.com servers?

 

[dang]

Loader is the tenant's that's moving in to that building/property but I get to use it! I considered having a BMW get together in the old building before it gets rented but I don't have any time right now. I'm spending every spare minute of my time either at the properties or at stores getting stuff for the properties. The metal building is rented as of Nov 1 and the older wooden building is rented as of Dec 1. My todo list is still too long...

 

[dang]

I have a few garages for some storage space at the property so I'm moving my '51 GMC there. I moved it into an accessible spot last night so it can be picked up. Turned into a cool photo opportunity...