Living Trust=Asset Protection?
I spoke with my bank, and they will not allow me to transfer my rental property into an LLC, but they will allow me to transfer it into a Land Trust. Will a Land Trust provide me with the same asset protection as an LLC would? If not, how can I use a Land Trust to provide me with asset protection?
The land trust will provide you with anonymity as the beneficiary(s) are not public record. Now, you could make your LLC the bennie but as you have already spoken to your bank, were you to go to court you could have problems with that strategy. The land trust itself does not provide you with asset protection, just adds a layer of BS that a lawyer would have to get through to determine the owner.
[addsig]
Thanks for your reply!
O.
I usually find out what county the property is in my being creative with google and mapquest. Then I do a google search for the county to find the property appraisers or tax accessors office. Many times they are on line. They look for the online property info and see if they have s link for comparables or recent sales.
Brenda
You could also contact a local title company.. many times they will run a sheet for you that contains all the subject property pertinent info, mtgs, leins, etc. and recent comparable sales. I have title reps that will do that for me at no charge, of course if I will use their escrow services for my deal.
Go to http://www.bankofamerica.com.
[ Edited by LuckyPam on Date 01/28/2005 ]
Select "mortgages" near middle
Select "tools and calculators" left side of page
Select "Comps for your property" or something like that.
Not all properties will come up with comps, but I have foud a great many.
Pam S
Thanks to all of you! Now I have something to work with. 8-)
I agree with Ibuy, low-moderate income areas are where the highest cashflow is but lowest appreciation. Our strategy has been to acquire as many of these as we can to support other investing strategies. If you know you have a decent amount of cashflow coming in each month, it broadens your ability to invest.
GL
[addsig]
1 Beds are a bit tougher to keep rented unless good sized and good price, nice areas , also figure on 10-25% vacancy rates, Bad tenants drive the good away is something else to keep in mind.
joanngood, hm, what are disclosures? Kinda new to the game of real estate.How long have you been investing in RE? Also u visit state college or houtzdale ?
I visit the State College area mostly, my family lives in that area, but like I said, I know where Houtzdale is. My husband and I are just getting into investing for ourselves. I have been selling real estate for 6 years. I have several investor clients here that I work with, but my real interest is in the Central PA market as I would eventually like to return home to live. Disclosures are required by state law, and they basically tell the buyer every thing that you know about the property, i.e., age of roof, what have you remodeled, status of the heat, air, plumbing, etc., any easments or rights of way, etc. get the idea?
hey! as a fellow newbie i thought id let u know ther is a rei club called dig that has meetings in plymouth meetings. not sure how close u r but they have a website. i thik it www.dig.com
What type of money are you working with? Two thosand, three thousand dollars, I am currently looking for new investments in Southern Las Vegas, I found Investment programs there for as low as thirty three thousand and you rent or give lease option to first time buyer or renter. Look at my first thread I wrote and see my experience.
It all depends on how comfortable I feel with the investment. I could go anywhere from 2000-7000 but I would prefere to stick with lower end of the spectrum with my first deal.
Wholesaling would be the way to go, no money is really needed just educate yourself.