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Author Topic: Question about protecting properties  (Read 2757 times)

Offline Hansen3

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Question about protecting properties
« on: November 27, 2007, 12:50:01 pm »
I own 2 houses (one being my personal) with a quite a bit of equity in them. What is the best way to go about protecting them? Best way to protect them from each other in case of a lawsuit? One is my personal and another is rented out on yearly contract. Single guy can't put it in my wifes name or anything.

Anything would help
Even in such technical lines as engineering, about 15% of one's financial success is due one's technical knowledge and about 85% is due to skill in human engineering, to personality and the ability to lead people.

Offline BLL

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Re: Question about protecting properties
« Reply #1 on: November 27, 2007, 01:19:40 pm »
Homestead for your personal property is best. A good insurance policy will give the biggest value for protecting the rental home. LLCs and the other stuff you read about won't do much good in your situation.

Offline imbeautiful1

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Re: Question about protecting properties
« Reply #2 on: November 28, 2007, 07:27:34 pm »
Put each of them in seperate land trusts. This link may help:

http://www.corpthis.com/landtrusts.asp

Offline Hansen3

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Re: Question about protecting properties
« Reply #3 on: November 29, 2007, 10:33:14 pm »
Thanks that helps a lot

How do you go about setting up a land trust?
Even in such technical lines as engineering, about 15% of one's financial success is due one's technical knowledge and about 85% is due to skill in human engineering, to personality and the ability to lead people.

Offline BLL

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Re: Question about protecting properties
« Reply #4 on: November 30, 2007, 10:07:20 am »
Put each of them in seperate land trusts. This link may help:

http://www.corpthis.com/landtrusts.asp

That's an interesting article. I have serious concerns with any organization that advocates fraud.

Offline telarsen

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    • NY Property Insurance
Re: Question about protecting properties
« Reply #5 on: December 06, 2007, 03:13:27 pm »
Buy enough insurance on each property and get an Umbrella policy ($1-$3 million). This will go "over" your 2 houses and autos too. Cost should be $150-$500 per year.

Tom
Tom Larsen,
President,
Larsen & Associates Insurance Agency Inc.
(716) 684-3203
[email protected]

Offline aak5454

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Re: Question about protecting properties
« Reply #6 on: December 08, 2007, 12:18:08 am »
I own 2 houses (one being my personal) with a quite a bit of equity in them. What is the best way to go about protecting them? Best way to protect them from each other in case of a lawsuit? One is my personal and another is rented out on yearly contract. Single guy can't put it in my wifes name or anything.

Anything would help

buy good liability insurance ($1-2M) and forget about it.  many, many lawsuit settle for insurance amts.  The probability you every need it is extremely small, but its worth the couple hundred dollars a year.

Offline VetteBoy

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Re: Question about protecting properties
« Reply #7 on: February 16, 2008, 07:17:10 pm »
Wow, that's an amazing article to say the least. 

You do this, I think Fraud is the least of your "indictments".

 :flush
http://www.corpthis.com/landtrusts.asp

Offline Deal Hunter

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    • Real Estate Deal Hunters
Re: Question about protecting properties
« Reply #8 on: February 16, 2008, 11:49:59 pm »
I own 2 houses (one being my personal) with a quite a bit of equity in them. What is the best way to go about protecting them? Best way to protect them from each other in case of a lawsuit? One is my personal and another is rented out on yearly contract. Single guy can't put it in my wifes name or anything.

Anything would help

buy good liability insurance ($1-2M) and forget about it.  many, many lawsuit settle for insurance amts.  The probability you every need it is extremely small, but its worth the couple hundred dollars a year.

Goodness!  How much equity is the OP trying to protect that would justify the premium of a $1-$2M insurance policy???  I'd say go out and get an equity line or credit line on the property for the equity.  Do not use the credit line or spend the cash.  Keep balance to zero - total available credit will still show up on title as a lien on the property.  Shop around for the lowest yearly fee on the credit line - that will be cheaper than insurance premiums.

Remember, plaintiffs' lawyers will not even take a case unless there is $$ to make on the properties.  The lawyers will look up the property on their asset search sites and see that it is fully leveraged - hence, no equity and no lawsuit award - at least not enough for the effort.
The Short Sale & Foreclosure Expert
http://RealEstateDealHunters.com

 




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