What is the best way to buy rental?? - Posted by Nick
Posted by Nick on October 08, 2003 at 16:01:43:
I am about to buy a rental house that I found. I will be going to the bank to get a loan for about 70K. What is the best way to purchase?
I could let my Corp buy the house. I have a corp setup, however the corp has no assets yet. Of course the corp has no income either. So I will guarantee the loan personally. My income ,credit and assets will allow me additional purchases.
Or should I just buy the house in my name and put it in a land trust.
Or should I start up a LLC and let it buy?
My overall goals is to try to protect myself from liability problems with a slip and fall type accident. A friend of mine has told me to just buy the house in my name and go get a 3 million dollar umbrella policy and dont worry about it.