How should I hold "Lonnie Deals"? - Posted by Jerod

import · May 18, 2005, 2:01am

Posted by Jerod on May 19, 2005 at 10:26:49:

Thanks Lyal!

import · May 18, 2005, 2:01am

How should I hold “Lonnie Deals”? - Posted by Jerod

Posted by Jerod on May 18, 2005 at 02:01:52:

If I purchase mobile homes and then sell them with owner financing or flip them, should I put each one in a separate entity such as an LLC or a corporation to protect myself and my assets? Also, can I put each mobile into a Land Trust or does that only work with Real Property??

Thanks in advance!

-Jerod

import · May 19, 2005, 7:58am

Re: How should I hold “Lonnie Deals”? - Posted by Lyal

Posted by Lyal on May 19, 2005 at 07:58:22:

Jerod,
If you do Lonnie deals “by the book”, the title will pass to your buyer with you as lien holder so there is no issue as to how you hold title.

There are variations on the strategy ie: You sell on a “Contract for Title” where the title is held in your (or preferably an entity’s you control) name. In that case I’d use a Personal Property Trust ala Bronchick.
All the best, Lyal

import · May 24, 2005, 9:17am

Re: How should I hold “Lonnie Deals”? - Posted by JohnP

Posted by JohnP on May 24, 2005 at 09:17:40:

Lyle, I have Bronchicks personal property trust, but I have never used it. Question for you? When you title the property into the trust do you need to record anything, or will DMV just give you title in the trust’s name. I know it will probably very from state to state.

Thanks

JohnP FL