Question for Bill Bronchick - Posted by Tuan Pham

Real Estate Investing
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Posted by Odeney on June 09, 2000 at 22:41:40:

yes. thank you

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Question for Bill Bronchick - Posted by Tuan Pham

Posted by Tuan Pham on June 08, 2000 at 21:45:50:

Hi Bill,
Should a newbie like me start out setting a trust right away or is it only necessary once I have a few l/os under my belt. Also, once I create a trust, should I have a LLC or a corp as the beneficiary. Please keep in mind, I’m doing this by myself.

Thanks in advance,

Tuan Pham

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Re: Question for Bill Bronchick - Posted by William Bronchick

Posted by William Bronchick on June 09, 2000 at 10:30:55:

A land trust is a “paper fiction” - just a device for holding title to create anonymity. An “S” corporation should be fine starting out doing lease/options. The filing fee is the only expense, which is under $100 in most states.

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Re: Crazy Question for Bill Bronchick - Posted by Odeney

Posted by Odeney on June 09, 2000 at 19:13:32:

Hi,

I dont quite understand something here, maybe i got it wrong somewhere along the line.

If someone is investing doing L/O by himself, how will he register an S Corp. Wouldn’t he need a board of directors, Etc?

I maybe have misunderstood the whole concept of an S Corp. I thought that one would need to show on paper the number of investors involved in the Corp. If there is a way around this I would be pleased to learn it. Please pardon my ignorance.

I am just getting into real estate, making my first deal and I am thinking of holding properties for rent with a few flips on the side. I will be doing this buy myself for now, but I am looking for the safest way to invest and protect my personal assets. I came to the conclusion that a Single Member LLC would be appropriate for me from reading through your website.

I just need to know is it possible to have a single member C or S Corp. This may be a crazy question, but I am still learning.

Thank you for your assistance.

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Not so crazy . . . - Posted by William Bronchick

Posted by William Bronchick on June 12, 2000 at 09:54:30:

If you are buying and flipping a few properties here and there, an LLC single member would be fine, since, it would protect you from personal liability.

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Re: Crazy Question for Bill Bronchick - Posted by Bert G

Posted by Bert G on June 09, 2000 at 19:43:21:

I incorporated last year. I’m the president, secretary, treasurer, chairman of the board, and only stockholder. That answer your question?