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Updated over 7 years ago on . Most recent reply

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9
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2
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Ron Guerra
  • Milpitas, Ca
2
Votes |
9
Posts

First deal in progress nervous!

Ron Guerra
  • Milpitas, Ca
Posted
Hello, I'm new to the real estate investing business but very excited to finally get started. I'm looking to buy a home in Houston Tx to use as a rental property. (I reside in CA) I have a few questions; 1. If the deal finalizes when I'm about to close do I first have the property under my name? I've been told that this is how the flow should go; A. Buy under your name B. At escrow/title company put property under a land trust. C. Then transfer to a LLC in state you reside. ( my case CA) D. Then put in a secondary LLC E. Then to a Family Limited Partnership F. Then finally put in a trust This was also mentioned to me if I owned multiple properties but another question I have is that if I should follow this model from the beginning? Thank you in advance for all your help!

Most Popular Reply

User Stats

58
Posts
55
Votes
Joseph B. Davisson
  • Dallas, TX
55
Votes |
58
Posts
Joseph B. Davisson
  • Dallas, TX
Replied

No.  Don't do this.  Talk to an attorney.  If the attorney tells you to do this, talk to a different attorney.  Before you act, run the proposed structure by your CPA. 

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