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Updated about 1 year ago, 10/19/2023
Asset protection/ CashFlow Help
Hello All,
I own four properties, which include a duplex, a condo, a single-family home, and my primary residence. I've been researching ways to protect my assets effectively, and I'm considering creating an LLC owned by a C Corp, which in turn is owned by my trust that holds all my assets. I would appreciate hearing your thoughts on this approach or any suggestions you may have for my situation.
Additionally, I have two open Home Equity Lines of Credit (HELOCs). One has a limit of $87,000 with a monthly payment of $515, and it's on my duplex. The other has a limit of $97,000 with a monthly payment of $1,057. I've used the entire $97,000 HELOC to purchase a property in cash, which is generating $1,195 in monthly cash flow. I've also used $45,000 from the $87,000 HELOC to purchase and renovate my primary home. I would greatly appreciate your advice and guidance on these matters.
Thank you.