Name Privacy From Tenants
Hi,
looks like I have to close on the property under my name and I can NOT utilize LLC, or any form of Trust. So my name plainly will appear on the records. So much for Privacy from the tenants.
Now, I need some creative hints and tips on how to convince the tenants that I am not the owner and I only work for the property owner. And if tenant researches and sees my name on the records, I need a good story as why that is the case. Any ideas?
thanks, Pam
After you purchase the property you can then place the property into a trust or LLC.
A common pricacy and asset protection technique is to put the property into a trust with your LLC as the beneficiary.
The transfer of beneficial interest is not a document that is recorded or known to anyone other than the trustee. The trustee cannot disclose the beneficiary of the trust (put it in the agreement) absent a court order.
This is what I would recommend.
Let's forget about LLC and Trust all together ....
Now, I need some creative hints and tips on how to convince the tenants that I am not the owner and I only work for the property owner. And if tenant researches and sees my name on the records, I need a good story as why that is the case. Any ideas?
Frogger,
Can you recommend a book or site that explains exactly 'what one is doing' when they do what you suggest here?
Also, does this affect taxes, insurance, mortgage, and/or estate planning (will or trust) in any way? alias 'Ce'analyzes
Pam,
I manage some of 'our' properties; I use 'we' , 'him, or 'them' in my conversations as needed. I establish myself as the 'Property Manager' w/an interest. I doubt that your tenants will go search all records, they might just see a bill or the online records, right? In my humble experience, the bills/records will only list one person (the first male?) (the male) so, if they see your name you simply say you are 'one of the owners' or part owner. This has worked well for me and bought me a little time when I need it. You can play it up or play it down as needed. Meanwhile, on the lease, I have "David S.... and/or C... S... Lessor " and I list myself as the Property Manager and that makes me a part of a group! (Which technically I am; just the leader/controller/older part) :-o
ceinvests, thank you ... that is exactly what I was looking for.
Hey,
Do you really think tenants know how to find out the owner of a property? You know how to and I know how to...but they do not.
I personally have a little trouble with this, "I don't want anybody to know I'm the owner stuff" Whats the point? So that you can tell them "well, my partner won't let me do that." when the reality is you don't want to do it. Get some backbone, tell 'em the truth. Most people seem to prefer to deal with somebody who can make decisions on their own without a committee.
If you need somebody else to be the bad guy for your decisions say "My banker won't let me do that" people are used to bankers saying no.
This has come up before, I feel the same way as commercialking. As long as what your doing is ethical, what problem is there telling them, yeah, that is me telling you you have to do this or that. I mean, your straight up lying to these people. Just my 2 cents.
I agree with you that this should not be an issue. And if everybody played by the 'Do unto others' rule, it would never be. But, sometimes you have to deal with people who just respond better to perceived power. NOT my problem, theirs. It might be a male/female thing. I'd rather be creative than waste a lot of time on pettiness.
Backbone is not an issue ... however, tenants calling you and beg for a few more days to pay rent could be an issue ... I had someone finding out where I live and came by my house. That is the kind of non-sense that I have to deal with and as you can see it is not a backbone issue ...
A tenant once tried to convince me for 45 minutes as why I should let him paint the interior walls red ... now, I could simply say "sorry, not upto me, it is the owner policy ..." and end the 45 minutes wasted time.
There are quit a few reasons as why owners wanna be remained anonymous. You would know it only if you have had to deal with them. I guess experience can only teach you ...
Many owners get property managers just for this reason ...