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Real estate. Buying units to rent. All condos. Does not intent to sell.

New York, NY |

I already have 3 properties all in NYC that I rent out. All of them are own by a corporation that is own by a foreigner corp. I want to buy two more properties and it does not make sense to me keep opening LLCs for each of them and then opening bank accounts for each of them.They are one bedroom condos in NY and I think it must exist a better structure for me to keep buying but not having to every time opening a newLLC (or corp)and opening a new bank account for each. I cant imagine that if I want to buy 20 more units to rent I would have to create 20 more bank accounts for each, 20 more corps for each ! Does not make sense although thats what the attorney I had say. Any advice would be greatly appreciated.

Attorney Answers 4

Posted

You can always have one LLC own multiple properties...

My direct line: 646-606-6002. www.thefalkowskifirm.com. If this answer is helpful and/or the best answer, then please indicate it as so. Thank you. This answer is provided for informational purposes only and does not constitute legal advice. You should not take action based upon this information without consulting legal counsel. This answer is not intended to create, and does not create, an attorney-client relationship.

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Posted

See my answer to your prior post. There are reasons to have one company per property.

I am a former federal and State prosecutor and have been doing criminal defense work for over 16 years. I was named to the Super Lawyers list as one of the top attorneys in New York for 2012 and 2013. No more than 5 percent of the lawyers in the state are selected by Super Lawyers. Martindale-Hubbell has given me its highest rating - AV Preeminent - in the areas of Criminal Law, Personal Injury, and Litigation. According to Martindale-Hubbell”AV Preeminent is a significant rating accomplishment - a testament to the fact that a lawyer's peers rank him or her at the highest level of professional excellence." Fewer than 8% of attorneys achieve an AV Preeminent rating. I also have the highest ranking – “superb” – on Avvo. The above answer, and any follow up comments or emails is for informational purposes only and not meant as legal advice.

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Posted

Look into a Delaware series LLC

When responding to questions posted on Avvo, I provide a general purpose response based on NY law as I am licensed in NY. In reviewing my response, you are specifically advised that your use of, or reliance upon any response I provide is not advisable. I do not have all relevant background details or facts related to your issue / matter, thus I am not in a position to give you legal advice. Further, your review, use of, or reliance upon my response does not establish an attorney-client relationship between us nor does it qualify as a legal consultation for any purpose. For specific advice regarding your particular circumstances, you should consult and retain local counsel.

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Posted

When responding to questions posted on Avvo, I provide a general purpose response based on New York State law as I am licensed in N.Y. In reviewing my response, you are specifically advised that your use of, or reliance upon any response I provide is not advisable. I do not have all relevant background details or facts related to your issue / matter, thus I am not in a position to give you legal advice. Further, your review, use of, or reliance upon my response does not establish an attorney-client relationship between us nor does it qualify as a legal consultation for any purpose. For specific advice regarding your particular circumstances, you should consult and retain local counsel.

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