Clint, Great video as always. Would you be able to do another video on how hard money lending would be affected by the Dodd/Frank bill?
@ayoa7080
Жыл бұрын
You are killing it with all these creative strategies. So Wyoming LLC will have its bank account, the Biz LLC will have its own bank account that will accept the loan deposit. Both entities taxed as S or C Corp. The UCC is filed as encumbrance to inflows coming into the Business LLC in the amounts of loan made. (1) So physically what paper trail do you need to keep for the loans? (2) where would you make the physical filing of that UCC? and (3) Do u file a UCC each time you make a loan to the Business LLC in the loan amount?
@ClintCoons
Жыл бұрын
The lending LLC would be a partnership or disregarded. The UCC would be one filing with the secretary of state where the operating company is organized. I would only make one filing for a blanket loan commitment.
@wr85487
Жыл бұрын
This is fantstic! As always, thank you for great content.
@ClintCoons
Жыл бұрын
Glad you enjoy it!
@alliesteamc3546
Жыл бұрын
Thank you for doing this! Also how to answer each question in the Application for new EIN from asset protection viewpoint
@ClintCoons
Жыл бұрын
Carefully. 😂 No really, you provide your information as the responsible party. No hiding from the IRS.
@jamesdupuis4140
10 ай бұрын
Love the info!! Gonna file for my Wyoming LLC
@organizer14
7 ай бұрын
Please give Washington DC and US gov as example of gov regulations or registration requirements that must be complied with please.
@buzybill
Жыл бұрын
This is very interesting! I'm your client at Anderson. Do you suggest UCC1 from Wyoming holding LLC or create disregard LLC in the states I'm lending and the create UCC1 to S or C Corp? Since, in order file claim in case of lawsuit to S or C Corp, you have to register in the state your are doing business?
@oleopathic
7 ай бұрын
Same question.
@marcelomancini3066
Жыл бұрын
Clint, thanks for creating such a great step-by-step guide. This is fantastic. I do have one doubt and wanted to make sure I understood this correctly. Let's say the lending biz is a Florida LLC, (could be Sole or multimember LLC) and taxed as a c corp. Since we are lending it would make sense to show who the members are just like you said in the video and we would get paid as employees via W2 (saw it in another video). For the WY LLC, it would be member or mgr-managed since it does not matter and we would use the UCC1 with the lending biz in FL. Would you set it up as a disregarded entity for taxation or partnership (K1)?
@ClintCoons
Жыл бұрын
I would set up the FL LLC as you described and the WY LLC as manager managed treated as a disregarded entity for tax purposes.
@marcelomancini3066
Жыл бұрын
@@ClintCoons Thank you for the response. In other videos, you talk about using Delaware instead of Wyoming if one was doing commercial or multi-family RE. This would be holding RE but lending but let's say we may look into holding some in the future. is there a video where you go into detail on the two?
@ClintCoons
Жыл бұрын
@@marcelomancini3066 Not yet
@organizer14
7 ай бұрын
No one on KZitem has posted all the Wash dc or federal requirements or regulations for starting a lending business despite the many KZitem videos on the topic. It would be very helpful to do so. Many thanks!
@philippedros7752
Жыл бұрын
Great information! Question, what do I state the purpose of the Wyoming LLC as?
@ClintCoons
Жыл бұрын
Private lending and note investing..
@ImRAM428
Жыл бұрын
Thanks for the info, Clint. Wondering if going through all these entity steps is feasible for someone just getting started with 10k? I’m in Cali and have an opportunity in Memphis.
@ClintCoons
Жыл бұрын
Maybe get your first deal done then consider the setup.
@marcelomancini3066
Жыл бұрын
Hi Clint, I went back and watched your video and had an additional question. In the scenario provided the holding company was to hold funds and then loan yourself (Lending LLC) and execute a UCC1. Let's say I plan to use my funds but would also consider using other people's money ( family and friends) would their funds flow (via loan) into the holding LLC or directly into the lending LLC.
@ClintCoons
Жыл бұрын
This one would require careful consideration to avoid securities issues.
@marcelomancini3066
Жыл бұрын
@@ClintCoons Agreed, loved your video on syndication where you touch on Reg D etc. Assuming all that followed it could flow directly into the lending company but what if it goes int WY holding to ensure everyone’s interest is covered all with the UCC1.
@ClintCoons
Жыл бұрын
@@marcelomancini3066 UCC1 does not cover real estate only non-real estate assets.
@jamesfrazier4650
27 күн бұрын
What about collateralization on another property the borrower may have if I am in second lien position? Is that encouraged?
@ClintCoons
22 күн бұрын
Absolutely. The more collateral the better off you are.
@ShoreFC-s
Жыл бұрын
how much money would be needed to start such a business?
@ClintCoons
Жыл бұрын
It would depend on your market and the average home price investors are paying for flips.
@joshbenjamins
Жыл бұрын
In Hampton Roads, Virginia we are able to cover a purchase $90K and rehab $35K for a total loan of $125K. If you use your SDIRA to lend the money out it’s totally tax free returns. I would also say it depends on where you are lending. San Diego California you’re looking at $500K purchase and $250K rehab!!! 🙏🏽
@abubakarkinene
Жыл бұрын
Thank you for that message
@zackdiaz6375
Жыл бұрын
Very interesting
@presidualist4587
Жыл бұрын
The 2013 debeat which one should I obtain first?
@ClintCoons
Жыл бұрын
I would start with the LLC
@oleopathic
7 ай бұрын
How can a general partnership be setup such that one partner (of two) retains their qualification for medicaid as the general partnership earns a profit as interest on private money loans ?
@ClintCoons
6 ай бұрын
You should consult an elder law attorney.
@oleopathic
6 ай бұрын
@@ClintCoons that's a good idea! Who would you refer ?
@ClintCoons
6 ай бұрын
@@oleopathic I do not know of one but check with your local bar association.
@oleopathic
6 ай бұрын
@@ClintCoons thank you for pointer!
@ellenoir5678
Жыл бұрын
Ight coach!!!
@renoloanprobycpc
Жыл бұрын
Great Video !
@ClintCoons
Жыл бұрын
Thanks for the visit
@mandralliance
Жыл бұрын
Solid info
@777cayman
Жыл бұрын
Gonna make you an offer you can’t refuse...
@andrestriveno8565
Жыл бұрын
How do you raise money to start lending?
@oleopathic
7 ай бұрын
Not convinced a lender needs asset protection via LLCs. He's not selling a product, nor engaging in dangerous behavioir. He's not a doctor, etc. Just seems like overkill. Please convince me to the other side of the argument!
@ClintCoons
6 ай бұрын
Bam you kid just ran his car into a 3rd grader in a crosswalk. You are correct in your initial assumption. The asset protection threats will not materialize from the lending - they will materialize outside of the entity.
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