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If you're in real estate, you better be dealing with somebody who actually owns real estate and understands the nuances, otherwise, they're gonna read out of a book or they're gonna readout of a case and they're gonna try to tell you to do something that may not be practical at that time, 'cause it is fluid, it moves around.
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20 years ago you could close a commercial property in your individual name. You can't do that anymore after the big fiasco in 2008, they don't want to be exposed to your personal stuff, and so almost always if you're dealing with a commercial property you're gonna be closing an LLC.
This is absolutely the case 'cause if you have the financing they will not even do financing any more for the individual. You'll be a guarantor, but they'll almost always make it be an entity. So this is really important because little distinctions like that can have a major impact on your planning.
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00:00:52 - Knowing who you're dealing with when it comes to real estate investing
00:01:18 - closing with commercial property
00:02:22 - intermediary entity to mitigate the risk of having that note called due.
00:03:11 - the land trust is number one, people misuse them, they don't understand exactly what they are.
00:06:01 - Buying and holding using an LLC which stands for limited liability company.
00:06:14 - An LLC exists for state law
00:10:41 - 00:10:46 - Land trust plus an LLC for rental real estate
00:16:25 - 00:16:31 The corporation a tax designation, so I could be a corporation [00:16:34.02] or I could be an LLC taxed as a corporation.
00:16:49 - Active real estate 00:16:55 - wholesale 00:16:59 - flips 00:17:03 - real estate agent
00:18:38 - LLC and 1031 exchange
00:18:52 - LLC taxed as a corp
00:18:57 - flipping properties
00:19:06 - buying and holding property
00:20:46 - LLCs for the holds
00:20:51 - S corp for your flips or possibly a C corp
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ABOUT TOBY MATHIS
Toby Mathis, Esq. is the best-selling author of Infinity Investing: How the Rich Get Richer And How You Can Do The Same. Toby is a tax attorney and founded Anderson Business Advisors, one of the most successful law, tax, and estate planning companies in the United States. Learn more at https://aba.link/tobyaba
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