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Video instructions and help with filling out and completing Colorado real estate commission forms
Hey folks Matt Horwitz LLC university hope you're doing well let's talk about a major mistake that real estate investors make in regards to set up their LLC just got a phone call today and we've gotten dozens and dozens and dozens of these phone calls people phone in saying hey you know they've done some research they've learned that they need to set up an LLC for their investment properties so they can protect their assets but they already bought their property in their name and they think that just setting up the LLC is going to somehow magically protect their assets it's not the case if you think about it those properties are owned by you personally just setting up an LLC it's not affiliated with that at all so an LLC doesn't protect anything you do magically right you're setting up an entity you're creating an entity by state statute that entity therefore needs to own the property and do the business what I mean by that is that when you're purchasing the properties your purchase contract your agreement of sale the deed any financing all of that is in the name of the LLC the LLC is that the LLC holds title to the property not you personally so got a phone call today from a guy in California who owns three different properties all financed by three different banks and wanted to set up an LLC to protect his assets and I said yeah just so you know don't go ahead and set the LLC up right now what you need to do is you need to call each one of the different banks to see if he can refinance or transfer the title and how that's going to affect the loan so once people kind of understand like okay cool I I realized that I need to get the I needed transfer the title into the name of the LLC right they realize that sometimes it's called a dollar deed then basically where you are in the United States it's going to be sometimes the name of the deed may have something may be called something different there may be different fees but essentially you're going to be selling the property for $1 from yourself to your LLC but if you have financing and if you have mortgages those properties you just can't just knock it out and do it really quickly right there's you have a whole entire you have documents and documents and mortgages and clauses and things that you signed at settlement you just just because it's going from you to the to your own LLC it doesn't matter to the finance company it's going from the buyer excuse me it's going from the seller to a different buyer right so you need to pick up a phone call call the different bank and say hey look I need to get this title out of my own personal name and.