Re: Poor credit question - Posted by Bill K. (AZ)
Posted by Bill K. (AZ) on April 18, 1999 at 21:02:06:
Keep that attitude. It will take you far.
Land trusts, properly created, are highly effective in hiding your beneficial interest in properties. In fact, your beneficial interest in a trust can only be revealed by your trustee through a court order. This makes it highly unlikely that anyone will know of your personal involvement with a “trusted” property. In addition, if your trustee is out-of-state, that adds another layer of complexity to the discovery. However, it is not impossible to find you in a trust and attach your property, just difficult.
Regarding incorporating, I wouldn’t be in this business without setting up SOME entity to hold my properties. I don’t know if the properties you acquire in your new corporation can be attached to pay your past lien and judgment, but I certainly wouldn’t operate without the personal protection they provide in any event.
Bill Gatten offers a course called PACTrust. And, Bill Bronchick has a course on land trusts and creating corporations and limited liability companies. I’ve heard good things about all of these materials.
I hope this helps.
Bill K. (AZ)