Buying RE in a Corp Entity Versus in Your Own Name ?

[Coronita]

[quote] supposedly, there are people who research public records looking for real estate that is fully paid for (no outstanding mortgage recorded with city) – they then go to those specific properties to stage their trip and fall accidents
[/quote]

Why doesn’t this surprise me? Thanks for the info.
Also thanks for the info on prop 13 related to LLC held RE.

There are a couple of other things I’m aware of related to property transfer but it doesn’t relate to me. I believe if you’re above a certain age (think it was if you were 55 or older), you can even sell your primary and buy another comparable primary in select counties and preserve your previous prop tax assessment.

http://www.latimes.com/classified/realestate/news/la-re-props25-2008may25,0,4003618.story

[SK in CV]

Ask for amateur advice ….you get amateur advice.

Please, see an attorney and/or a CPA. Much of this advice is just plain wrong.

F’rinstance:

LLC’s and corporations are NOT the same.

Selling the stock in corporation (or LLC) who’s only asset is a piece of real property WILL trigger a reassessment for property tax purposes.

Multiple LLC’s are NOT necessary in most cases, and are simply a waste of money, for both the fees and the administrative costs. (This is certainly the case if you’re planning on buying a few SFR’s)And there are what may be significant tax implications that are different between individual ownership and LLC or corporate ownership.

And what nobody has mentioned. While the limited liablity afforded to LLC’s might be a good idea, an even better idea is to buy insurance. Umbrella policies are cheap cheap cheap. Insurance coverage is the first, and usually the ONLY thing that plaintiff attorneys look at, unless you have been grossly negligent and there are extraordinary damages.

[SK in CV]

Ask for amateur advice ….you get amateur advice.

Please, see an attorney and/or a CPA. Much of this advice is just plain wrong.

F’rinstance:

LLC’s and corporations are NOT the same.

Selling the stock in corporation (or LLC) who’s only asset is a piece of real property WILL trigger a reassessment for property tax purposes.

Multiple LLC’s are NOT necessary in most cases, and are simply a waste of money, for both the fees and the administrative costs. (This is certainly the case if you’re planning on buying a few SFR’s)And there are what may be significant tax implications that are different between individual ownership and LLC or corporate ownership.

And what nobody has mentioned. While the limited liablity afforded to LLC’s might be a good idea, an even better idea is to buy insurance. Umbrella policies are cheap cheap cheap. Insurance coverage is the first, and usually the ONLY thing that plaintiff attorneys look at, unless you have been grossly negligent and there are extraordinary damages.

[SK in CV]

Ask for amateur advice ….you get amateur advice.

Please, see an attorney and/or a CPA. Much of this advice is just plain wrong.

F’rinstance:

LLC’s and corporations are NOT the same.

Selling the stock in corporation (or LLC) who’s only asset is a piece of real property WILL trigger a reassessment for property tax purposes.

Multiple LLC’s are NOT necessary in most cases, and are simply a waste of money, for both the fees and the administrative costs. (This is certainly the case if you’re planning on buying a few SFR’s)And there are what may be significant tax implications that are different between individual ownership and LLC or corporate ownership.

And what nobody has mentioned. While the limited liablity afforded to LLC’s might be a good idea, an even better idea is to buy insurance. Umbrella policies are cheap cheap cheap. Insurance coverage is the first, and usually the ONLY thing that plaintiff attorneys look at, unless you have been grossly negligent and there are extraordinary damages.

[SK in CV]

Ask for amateur advice ….you get amateur advice.

Please, see an attorney and/or a CPA. Much of this advice is just plain wrong.

F’rinstance:

LLC’s and corporations are NOT the same.

Selling the stock in corporation (or LLC) who’s only asset is a piece of real property WILL trigger a reassessment for property tax purposes.

Multiple LLC’s are NOT necessary in most cases, and are simply a waste of money, for both the fees and the administrative costs. (This is certainly the case if you’re planning on buying a few SFR’s)And there are what may be significant tax implications that are different between individual ownership and LLC or corporate ownership.

And what nobody has mentioned. While the limited liablity afforded to LLC’s might be a good idea, an even better idea is to buy insurance. Umbrella policies are cheap cheap cheap. Insurance coverage is the first, and usually the ONLY thing that plaintiff attorneys look at, unless you have been grossly negligent and there are extraordinary damages.

[SK in CV]

Ask for amateur advice ….you get amateur advice.

Please, see an attorney and/or a CPA. Much of this advice is just plain wrong.

F’rinstance:

LLC’s and corporations are NOT the same.

Selling the stock in corporation (or LLC) who’s only asset is a piece of real property WILL trigger a reassessment for property tax purposes.

Multiple LLC’s are NOT necessary in most cases, and are simply a waste of money, for both the fees and the administrative costs. (This is certainly the case if you’re planning on buying a few SFR’s)And there are what may be significant tax implications that are different between individual ownership and LLC or corporate ownership.

And what nobody has mentioned. While the limited liablity afforded to LLC’s might be a good idea, an even better idea is to buy insurance. Umbrella policies are cheap cheap cheap. Insurance coverage is the first, and usually the ONLY thing that plaintiff attorneys look at, unless you have been grossly negligent and there are extraordinary damages.

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