All Forum Posts by: Ken Wang

Will you be using a commercial loan on the property. Id contend that if the property were in an LLC, and the loan was in your name, that that LLC would be pierced pretty easily.

Also remember you will need to change the insurance on the property to a commercial property.

Thank you so much Russ!!

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Originally posted by @Costin I.:

@Ken Wang So let's say you own 101 Main St, 202 Main St and 303 Main St rentals in your name. In most places, I can go to the county website and search public records to find out Ken owns 101, 202 and 303 properties and I can see the mortgages you have and estimate how much equity you have in the house. Which will paint a big bulls-eye target on your back and make you a favorite of trigger happy lawyers, tenants and/or plaintiffs.

@Costin I., thank you so much for such detail reply. I keep your reply as my note for my reference! Very useful info to walk me through the steps thumbs up!

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Originally posted by @Costin I.:

@Ken Wang Land trusts offer a layer of anonymity, but no legal asset protection. Usually they work together - you buy or hold the house in a land trust that names the LLC as the beneficiary. That way you get both anonymity and asset protection. But don't get confused, nor rely on land trusts for legal protection.

@Costin I, I love your diagram !!! As a scientist, I love this systematic approach to explain things. All due to curiosity, what is the advantage of anonymity? Maybe I am not famous enough. I don't see the advantage to have land trust just for anonymity.

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Originally posted by @Daria B.:

Hi Ken-

Seek out land trusts to see if that will suffice your business as well instead of a direct LLC. Properties in a land trust then have the LLC as the benificial interest (beneficiary). Hopefully Inphased that correctly.

Thank you Daria. It's my first time hear "land trust". I googled it

"A land trust is a private legal contract in which the owner of real estate transfers the title of the property to a trustee. The property owner retains all rights to the property — to build, rent, sell or transfer to heirs — but has the luxury of remaining anonymous."

It seems a perfect entity for asset protection. Is there any disadvantage to have land trust compared to LLC?

Thanks,

Ken

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Thank you @Daria B. and @Eric Adobo , I think I will talk to legal to see what it takes. I mainly plan to use LLC for asset protection if anything goes wrong, it shouldn't involve my personal asset. Don't have much knowledge but hope someone can point me steps or good legal person I can talk to :)

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Dear All,

I am in the process of closing a deal in Maryland. I have been buying property under my name, and don't have LLC set up yet. I wonder if I want to transfer the property I am buying under personal loan to LLC. What is the process? or if anyone, could point me to the right resources explaining the process or introduce me to the right person whom I can talk to. I REALLY appreciate the feedback!

Sincerely,

Ken

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Dear All,

Sincerely,

Ken

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Thanks for sharing, particularly like the detail excel sheet !

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@Shane Correll Thanks man, appreciate you point out the article, it's my next homework !

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All Forum Posts by: Ken Wang

Ken Wang has started 36 posts and replied 170 times.

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