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Before investing in Phoenix investment real estate properties such as condos and homes for sale in Chandler, Gilbert, Mesa, Tempe or Scottsdale AZ, take the necessary steps to protect your assets and establish a Limited Liability Company (LLC) for all your investments or better yet, a separate LLC for each investment property.
Unfortunately, the veil of asset protection created by your Limited Liability Companies (LLC) may be more easily pierced over time as the result of subsequent court findings. William Gibney, a respected Phoenix estate planning attorney, speaker, and guest lecturer at Arizona Real Estate School in Scottsdale, outlines what is required to adequately protect your assets from many different risks - some known and anticipated, while others may be unknown and just as dangerous.
Consider your LLC or family of LLCs, revocable living trust and operating agreement as living documents that have to be routinely reviewed and revised - not written and forgotten.
Real estate is a risky business... Structure your assets to reduce your liability, as well as, taxes - especially if you, like many investors, find themselves an accidental landlord.
Don't think your LLC has you fully protected. You need an operating agreement to fortify your shield. Your LLC may not protect you ...
Separate your "Hot" assets from your "Cold" assets into separate LLCs to implement safe asset management practices. Learn what's hot and what's not...
Don't let a false sense of security expose you to unknown asset risks. You want to do everything necessary to avoid the asset management nightmare and saying "Woulda, Coulda, Shoulda".
Mr. William Gibney was kind enough to allow me to provide you these articles to help you become aware of unknown risks and the actions to take to protect yourself and your assets.
Mr. Gibney can be reached at:
W. Gibney Law, PLLC
3420 East Shea Boulevard, Suite 200
Phoenix, Arizona 85028
Other helpful topics are tips for buying a rental property, How to make money investing in real estate, How you can buy and manage real estate within your IRA to build a bigger retirement nest egg. Is a 1031 exchange right for you and when to sell and upgrade your investment properties?
After you have created a strong legal structure that truly protects your assets, please contact Sam to assist you in buying, selling or exchanging Chandler, Gilbert, Mesa, Tempe and Scottsdale property in your Phoenix real estate investment portfolio. Thank you!