Best way to "hide" property. - Posted by Redline

Real Estate Investing
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Posted by Bud Branstetter on March 11, 2000 at 21:06:18:

You can probably get a rider on your homeowners insurance for a million at $250+ a year. Not much more for an LLC.

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Best way to “hide” property. - Posted by Redline

Posted by Redline on March 10, 2000 at 24:01:39:

Hello all,

I have two properties currently in my name now both with some bank financing in place. I want these properties out of my name for obvious reasons (Bronchick really got me thinking!)

So what’s the best way to do this? I was thinking a separate trust for each property and was thinking about creating my own LLC for each one to be the beneficiary (this interest transferred afterwards from me to the LLC, quietly of course). What would I do then about a trustee?

The goal of this is I do not want to appear as the owner of these properties on public record. Will I gain any asset or liability protection additionally by doing this? Would multiple unrelated beneficiaries buy me anything?

Thanks in advance,
RL

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Re: Best way to “hide” property. - Posted by Bud Branstetter

Posted by Bud Branstetter on March 10, 2000 at 22:21:37:

I don’t see an advantage of multiple LLC’s. They can’t force the sale even if they get a judgement against you. Separate land trusts-yes. Trustee can be anyone you trust. Don’t forget the the liability insurance.

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Using a trust… - Posted by Paul_NY

Posted by Paul_NY on March 11, 2000 at 01:35:19:

you must name the trustee a additionally insured.

Paul_NY

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Re: Best way to “hide” property. - Posted by Redline

Posted by Redline on March 10, 2000 at 23:29:24:

Can you be more specific about the insurance - I assume this is taken out by the LLC?

Sounds like a plan.

Thanks Bud,
RL