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This month for our Building Blocks Success Series, we interviewed Ken Phillips, attorney and real estate investor. As a real estate entrepreneur, Ken has the ability to apply the latest in legal trends and strategies to the practical "real world" deals of his clients.In this Building Blocks interview, we speak with Ken about how he helps his clients negotiate the complex waters of sole proprietorships, trusts, LLCs, S-corps and C-corps to find out what is most advantageous for each real estate deal and, most importantly, how to reduce your liability.
Excerpt:
Some of the facts he covers are:
ForeclosuresMass Members: The audio CD and transcript of this interview is included for free as part of your membership and is on it's way to you in the mail this week.
Non-Members: You can visit our online shop and order your copy of this Building Blocks interview with Ken Phillips.
There are several different structures you can use. One is you can do nothing and be essentially a sole proprietor. So you go out, you obtain a loan in your name, you buy a property in your name individually, and you go ahead and operate it, collect the rent, sell it, what have you.Ken goes on to share vital legal information you need to know about why most real estate investors need to form LLCs and if you need one for each of your investment properties.
Drawbacks on that, and one of the big things as attorneys that we try to have all of our clients avoid is the keyword liability. If you own that property individually and something occurs like the old slip and fall example on the stairs on an icy day... Guess what? They're going to sue you individually. You have no buffer between you and the actual asset in the lawsuit. You're the only person standing...
Some of the facts he covers are:
- What is a certificate of organization and how do you get one?
- How do you create an LLC and how long does it take?
- How using "Flow Through Taxation" can seriously reduce the taxes you owe each year and actually raise your profits.
- How an LLC can make it easy to adjust partnership agreements.
- How LLCs limit your liability in case of any lawsuit.
- What a personal LLC can do to improve your finances as well.
ForeclosuresMass Members: The audio CD and transcript of this interview is included for free as part of your membership and is on it's way to you in the mail this week.
Non-Members: You can visit our online shop and order your copy of this Building Blocks interview with Ken Phillips.
We conduct a new Building Blocks interview each month and send out an Audio CD and Transcript of the interview to our members. To find out more about membership, visit: http://www.ForeclosuresMass.com/account/
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