Author Topic: Went through the process of house hunting/buying  (Read 27123 times)

Online aygart

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Re: Went through the process of house hunting/buying
« Reply #420 on: March 27, 2017, 10:04:37 PM »
To hide assets true owner...vahamavin yavin

Estate planning.
There are all sorts of reasons but all need to be done by a qualified attorney to do it right and if they are done even slightly wrong are worthless.
You have the right to remain silent. Anything you say can and will be used to start a religious discussion.

Offline mercaz1

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Re: Went through the process of house hunting/buying
« Reply #421 on: March 27, 2017, 10:06:12 PM »
you can also put the house in a trust

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #422 on: March 27, 2017, 10:13:04 PM »
you can also put the house in a trust
the Second days yomtov have just arrived...

If i had a dollar for every time i heard that statement and the things that such a transfer was supposed to solve.

Offline churnbabychurn

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Re: Went through the process of house hunting/buying
« Reply #423 on: March 27, 2017, 10:14:56 PM »
Yes.It varies by state and it varies if it's a single member LLC or not, So yeah, an LLC isn't the best 2-way protection, that's one of the reasons I'm moving mine to a C Corp.
It is virtually unheard of to put RE in a C Corp. Taxable events on way in and out etc etc.

A solid dual member LLC offers dual liability protection which a C Corp does not.

I hope you thought this through...

Offline Ephraimh

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Re: Went through the process of house hunting/buying
« Reply #424 on: March 27, 2017, 10:23:14 PM »


It is virtually unheard of to put RE in a C Corp. Taxable events on way in and out etc etc.

A solid dual member LLC offers dual liability protection which a C Corp does not.

I hope you thought this through...

Agree, and because it's unheard of, I did extensive research and it's thoroughly thought through, no worries. I'm aware of the double taxation factor as well.

Offline yomo

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Re: Went through the process of house hunting/buying
« Reply #425 on: March 28, 2017, 02:07:14 AM »
To hide assets true owner...vahamavin yavin

Estate planning.

Maybe you can enlighten us as to what/how the LLc helps. Can't anyone look it up and see you're the owner?

Regarding the estate planning, I'm pretty knowledgeable in this and don't think there's any difference or savings to the estate if the person owns property directly or via an entity like LLc. Am I missing something?

At this point, cmiiaw, but the only gain would be liability protection for anything occuring on the property.

Offline yomo

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Re: Went through the process of house hunting/buying
« Reply #426 on: March 28, 2017, 02:10:19 AM »
It's important to mention that in terms of being sued c'v, there are certain things protected form judgement like retirement accounts etc.. I believe a person's primary residence may also be excluded under most circumstances of civil, not criminal liability.

Offline churnbabychurn

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Re: Went through the process of house hunting/buying
« Reply #427 on: March 28, 2017, 07:44:23 AM »


Maybe you can enlighten us as to what/how the LLc helps. Can't anyone look it up and see you're the owner?

Regarding the estate planning, I'm pretty knowledgeable in this and don't think there's any difference or savings to the estate if the person owns property directly or via an entity like LLc. Am I missing something?

At this point, cmiiaw, but the only gain would be liability protection for anything occuring on the property.

LLC's in some state can be totally confidential. On the registered agent needs to be on the file. Etc.

Re estate planning, LLC's can play a very important role for many reasons. They are widely used by professionals

You can Google around a little, here is an example.
http://m.millernash.com/the-advantages-of-using-llcs-for-estate-planning-05-09-2013/

LLC's are extremely versatile and important entities... Should definitely​ not be dismissed...

Offline churnbabychurn

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Re: Went through the process of house hunting/buying
« Reply #428 on: March 28, 2017, 07:45:28 AM »
It's important to mention that in terms of being sued c'v, there are certain things protected form judgement like retirement accounts etc.. I believe a person's primary residence may also be excluded under most circumstances of civil, not criminal liability.
True. For personal residences it often the case that an LLC is not a good idea.

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #429 on: March 28, 2017, 11:33:16 AM »
True. For personal residences it often the case that an LLC is not a good idea.
For one, it makes it much easier to transfer partial interests in property without having to record multiple deeds. In NYC there is no requirement to record the transfer unless more than 51% of the LLC is being transferred.

Offline yomo

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Re: Went through the process of house hunting/buying
« Reply #430 on: March 29, 2017, 02:11:25 AM »
True. For personal residences it often the case that an LLC is not a good idea.
What about "tenants in common"?

Offline yomo

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Re: Went through the process of house hunting/buying
« Reply #431 on: March 29, 2017, 02:12:03 AM »
For one, it makes it much easier to transfer partial interests in property without having to record multiple deeds. In NYC there is no requirement to record the transfer unless more than 51% of the LLC is being transferred.
Can't you do that with "tenants in common" also?

Offline hvaces42

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Re: Went through the process of house hunting/buying
« Reply #432 on: March 29, 2017, 07:06:22 AM »
Can't you do that with "tenants in common" also?
TICs require recording of deeds. Transfers of LLC interests are done out of the public eye.

Offline Let3

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Re: Went through the process of house hunting/buying
« Reply #433 on: April 18, 2017, 09:03:28 PM »
Any first time home buyer programs in Monsey?


Offline mgarfin

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Re: Went through the process of house hunting/buying
« Reply #434 on: April 24, 2017, 01:48:54 PM »
After lots of digging into trying to understand where the catch is in brokerage fees, I found “Yield spread premium,” or YSP.
This is not disclosed to the buyer and in lots of scenarios results in steering you into a loan that's not in your best interest.

Just ask firmly that the broker gives you the mortgage rate with YSP and without.