Ask Marco: LLCs, Bank Accounts & Umbrella Policies...

Passive Real Estate Investing

Real Estate Investing with Marco Santarelli, Investor and Entrepreneur.

Business:investing, Education, Entrepreneurship, How To, Investing, Business

4.8 • 953 Ratings

🗓️ 29 October 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Click Here for the Show Notes ---------------------------------------------------------------------------------------------------------------- Summary In this episode of the Passive Real Estate Investing show, Marco Santarelli addresses listener questions regarding the establishment of LLCs for asset protection, the importance of insurance policies, managing finances through separate bank accounts for LLCs, and finding a knowledgeable tax strategist for real estate investments. The conversation emphasizes the significance of proper financial management and legal structures in building wealth through real estate. ---------------------------------------------------------------------------------------------------------------- Timestamp 02:24 Setting Up an LLC for Asset Protection06:39 Understanding Insurance: The Umbrella Policy09:57 Managing Finances: LLC Bank Accounts10:27 Finding a Tax Strategist for Real Estate Investors ---------------------------------------------------------------------------------------------------------------- Takeaways It's important to have a separate LLC for each property for asset protection. Umbrella policies can provide additional liability coverage but are rarely used. Always keep personal and LLC finances separate to maintain legal protections. Finding a tax strategist who understands real estate is crucial for effective tax planning. Insurance policies should be reviewed regularly to ensure adequate coverage. Using online services can simplify the process of setting up an LLC. Interview potential tax strategists to gauge their expertise in real estate. Consider local real estate investment groups for referrals to tax professionals. Maintaining good records and separate accounts is essential for LLCs. Understanding the nuances of tax law can significantly impact your investment strategy. ---------------------------------------------------------------------------------------------------------------- Easy, stress-free, and personalized business formation for clever people with big ideas. Get your FREE LLC up and running fast and hassle-free ---------------------------------------------------------------------------------------------------------------- If you missed our last episode, be sure to listen to TBT: Retire Early with Real Estate – Chad Carson Download your FREE copy of: The Ultimate Guide to Passive Real Estate Investing. See our available Turnkey Cash-Flow Rental Properties. Please give us a RATING & REVIEW (Thank you!) SUBSCRIBE on iTunes | Stitcher | Podcast Feed ---------------------------------------------------------------------------------------------------------------- Check Out These Links Norada Real Estate Investments Norada Capital Management #LearningRealEstate #AskMarco #PassiveRealEstateInvesting #Turnkeyproperties #RealEstatePodcast #Investment #investors #RealEstateInvestors #RentalProperties #TurnkeyProperties #NoradaRealEstateInvestments #NoradaCapitalManagement

Transcript

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0:00.0	Welcome to passive real estate investing, the show where busy people like you learn how to build substantial passive income while creating wealth for the long term.
0:09.0	And now here's your host Marco Santorelli's.
0:13.1	Hello my friends and welcome to another episode of Ask Marco
0:16.0	on the passive real estate investing show.
0:18.3	Well, I'm glad you're here.
0:19.3	It is late October.
0:20.6	Halloween is coming up.
0:22.1	The national elections, federal U.S. elections are coming up in less than two weeks, and there's a lot going on and we're on the home stretched wrapping up
0:34.0	2024. What will 2025 hold for us? Who knows? Hopefully mortgage rates will
0:39.9	come down. They've they've come down a bit then they bounce back up. Now it's just a matter of time, I think, before they come down a little more. Who knows? I'll give you my predictions in the coming weeks. In the meantime, I went to my Ask Marco folder and I pulled out one, maybe two questions.
1:00.0	This is a really good one and I have to apologize to Christopher here.
1:04.6	It's a couple of months old.
1:05.9	You've probably figured out some of this stuff.
1:08.6	But there are really good questions and I thought it would be good for
1:11.6	the listeners as a whole.
1:13.2	So if this is not timely for you, I apologize.
1:16.3	I've got a backlog of email of all kinds.
1:19.6	But I try and get to as many of these as I can.
1:22.3	Anyway, Christopher writes in and he says,
1:23.8	hi, Marco, first of all,
1:24.8	thank you for all the time and effort you put into your podcast.
1:27.3	I went back to the beginning episodes in 2015
	...

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