To LLC or Not? - Posted by Sally R

Posted by chris on April 06, 2000 at 07:31:59:


i am relatively new at this too, but i thought that the best way to structure the deal is to set up a land trust,e.g., 123 home, set up an LLC, and let the LLC be the beneficiary. assign someone else, a friend, to be the trustee. this way, if someone slips and falls at the property in question and decides to sue, and the lawyers find out that you set up a land trust on the property, they can’t sue you for everything you have. they would have to sue the LLC because it is the beneficiary, and your other belongings are protected.

someone please correct me if i am wrong here.


To LLC or Not? - Posted by Sally R

Posted by Sally R on April 06, 2000 at 06:30:53:

I am a newbie and I am about ready to get a property “Subject To” Pre-Forclosure. I have to bring loan current and owners need 2K to relocate. The numbers work out so this is not a problem. We will set up a land trust and I will be assigned the beneficial interest. My concern is the Trustee. Should I set up my LLC prior to doing this deal so I can make the LLC the Trustee? or what are my alternatives here?

What is the cost of setting up an LLC and what is the procedure?

Also when taking Subject To, do I simply use my offer to purchase form and just add (Buying Subject To) into it? As far as the back payments that I make, and the $2K I am giving the owners, where does this go (Addendum or someplace else)

Thanks for the help

Sally R