All Forum Posts by: Sophiep To

Thank you everyone!

That's what I've been reading too. It sounds like from the lawyer told me is if you value your identity and asset protection to go with an LLC. A trust can't do the same as an LLC. A trust is more beneficial like you said with taxes and transfers. I'm at a loss to why it's difficult to transfer ownership to an LLC and finding a lender who would do it or a title company to do it.

I spoke to my lender and he said it would be best to talk to a title company that would transfer from my name to an LLC. He said it was hard to do that versus doing it in a trust. I spoke to a lawyer and does not recommend a trust as it doesn't fully protect you.

Does anyone know a title company that would transfer personal name to an LLC or if this is possible?

Thanks BP!

I found a 2/1 that I would like to renovate and add an addition on it to make it into a duplex. I have been approved for a 203K loan and will need to hire contractors who can be approved by their guidelines. Any recommendations on contractors for bidding? Thanks!

Hello,

I am new to real estate investing. I found my first duplex. I am still trying to piece together the law side of it versus the financing side. I am approved for an FHA loan and looking for the next steps. I read I should get a trust, an LLC, a CPA, lawyer, lender, broker (which I'm confused if they are not related to the lender?), and a realtor. I guess I am trying to figure out what is best for each of the items listed. For example, a trust - what type of trust?; LLC - what type? I heard I should get a Delaware LLC. etc. I also don't know much about how to handle rents... which type of bank accounts, etc. Any feedback/advice would be great!