Do I Need an LLC?

Replace Your Income Podcast - Do I Need an LLC?

To LLC, or not to LLC? 

That is the question, and lots of people have been asking it, hoping to find the right answer.

We’d love to share our thoughts, but first, we have to set a disclaimer.

Steve and I are not attorneys. Nor are we licensed CPAs. 

To that extent, we’re not capable of providing you with any type of legal advice whatsoever.

Steve Earl Quote on Seeking Legal Advice

What we can do is speak from a place of experience. We’ve both owned LLCs and have gone over this topic with thousands of our customers.

If there’s one thing we can say for sure, it’s that everybody’s situation is a little different. So whatever investment structure you decide to go with, it has to be in line with your specific needs, goals, and situation.

For today’s episode, we want to share some high-level impressions we’ve gathered over the years and discuss the potential pros and cons of investing in real estate using an LLC.

We’ll go over some important concepts as well, such as liability coverage, umbrella policies, and we’re going to touch a little on the 1031 exchange.

Listen in, and once you hear what we have to say, make sure to talk it over with your attorney or CPA. They will help you figure out how it all ties into your particular situation and make the right decision.

We’ve also included a link below, in the Additional Resources section, to a video where you can hear an attorney’s take on the LLC question.

Key Takeaways

  • The big LLC question and why is it such an interesting topic for investors (2:13)
  • An important disclaimer before we get into the show (2:47)
  • Keep this one thing in mind when investing in real estate (4:41)
  • What are the main benefits of owning an LLC? (8:16)
  • Why you should take a closer look at liability coverage and an umbrella policy (12:47)
  • The protection aspect of having an LLC (13:55)
  • What are some of the cons of deeding your property into an LLC? (14:45)
  • Why you need to seek out legal advice on this topic (20:31)
  • How does deeding your property into an LLC affect your ability to do a 1031 exchange? (22:51)
  • The challenges of investing in real estate as a business (27:07)

Top Quotes

“Look into liability coverage and an umbrella policy.” – Kevin Clayson

“It’s more than just saying, “I have an LLC.” There’s a lot more to it if you do own one anyway.” – Kevin Clayson

“When you sell a property you can take all of your gains, enroll them into another like property, and not get taxed on those gains.” – Steve Earl

“Make no mistake – you are a business owner with the very first property that you purchase as an investment.” – Steve Earl

Additional Resources:

  • Learn more about Done For You Real Estate: VISIT HERE
  • Get a FREE Income Replacement Estimate (IRE): APPLY HERE
  • Check out what attorney and business entity expert, Brad Jacobson, had to say about the LLC question: WATCH HERE

SUBSCRIBE for more Replace Your Income:

https://bit.ly/ReplaceYourIncomePodcast

If you enjoyed this episode, please rate and review our podcast. Thank you for your support!

And remember…

Income replacement for you and your family may only be one property away!

Replace Your Income Podcast - Do I Need an LLC?

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