Re: Buying as a Business - Posted by Tim Conde
Posted by Tim Conde on January 09, 2001 at 12:56:11:
Properly, this should go in the other forum, but since you asked…
Of all the properties I own, maybe two are held in my name. Apart from the money aspects, there are huge legal implications. I also have partners involved in some properties, but not others, etc. When you have assets, you MUST do all you can to protect them. One way is through trusts, another is through corporations, and there are others, too. I once had a kid fall down a flight of stairs in a house I owned. Broke him up pretty good. Their lawyer was on the phone to the management company that night. Everybody from soup to nuts was sued. What did they get? A few thou of insurance money. My lawyer said that they (the other side) spent a lot of money trying to uncover my assets to sue me for millions but couldn’t do it. It was an intersting lesson and , luckily, not a costly one.