What's The Best Name To Use When Taking Title?
I've heard that I shouldn't take title in my own name. Should I use a LLC, trust or some other way? What's the best way and how do I show that the LLC or trust or whatever has any credit? Bought 2 properties using my personal name, but I don't wanna do that anymore.
Looking for my next property. Please help.
I generally place title in a land trust with my LLC as beneficiary and a third party I trust (close friend, family memeber) as trustee. I also execute a co-trustee document that lets me handle all the duties myself if needed.
Keep in mind that if you're getting bank financing on the property, you will need to take title in your name first, then immediately swap to the trust (simultaneous at closing).[ Edited by daveh on Date 03/26/2004 ]