Posted by DaveD (WI) on June 12, 2007 at 19:32:02:
A little education might be in order. In what entity do you want the exposure, other liabilities, income, and other such stuff to pass through? If you don’t know, you should check out someone like Bronchick.
what is the name on your deed personal or business - Posted by BT
Posted by BT on June 12, 2007 at 14:28:15:
im not sure what to do with my flips. should i keep them in my personal name or put them in my business name, are there any advantages of one or the other.
Re: what is the name on your deed pers or bus… - Posted by Rich-CA
Posted by Rich-CA on June 12, 2007 at 21:13:06:
I have one entity for each property and another in each state where I do business set up as an “Operating Company”. I have contracts between the owners of these properties with the operating company to provide rent, maintenance and other service for the purpose of operating the properties as rentals. Once I decide to sell a property, the operating company is out of the picture, the property sold, and the asset company dissolved after all the obligations are met.
I purchase properties in my own name because the rates and terms I can get with my personal FICO score is far better than I can get with any company I have. The properties are then assigned to their asset companies for the duration.
There are a couple of reasons for having companies rather than a sole proprietorship (your own name). One is that as long as you keep expenses separate between yourself and the company, its easier to show business expenses. There is some protection in case of a lawsuit as it takes some work (sometimes not a lot, sometimes quite a bit) to set aside the company to get at other assets you own.
Re: what is the name on your deed - Posted by Sailor
Posted by Sailor on June 12, 2007 at 19:32:09:
I don’t own property in my own name. I use separate entities to minimize liability. In the case of mobile homes I usually put the unit in one & the land in another.
Tye