Posted by Lynn on August 31, 2002 at 16:54:27:
That was my thought too, thanks.
Is it really better…? - Posted by Lynn
Posted by Lynn on August 31, 2002 at 13:01:51:
I finally found a local bank that will lend to my LLC…great, but the interest rate is much higher than I could get in my own name (even though I’d have to personally guarantee the LLC). Is it really worth it? It would cost me about $150/month in cash flow and the bank requires a 5 year balloon—(this property is a keeper. Which means that at that time I have to find someone else to lend to the LLC or put it back into my name.) What, exactly does puttting the property in my single member LLC provide that putting it into my name and a Land Trust don’t.
Thanks a bunch for the clarification!
Re: Is it really better…? - Posted by Lyal
Posted by Lyal on August 31, 2002 at 20:43:21:
Lynn,
If you borrow the money personally and title it in your name the problem becomes one of asset protection. If someone sues you (and landlord’s are a BIG target), everything you own is at risk.
Lyal
Re: Is it really better…? - Posted by Tom
Posted by Tom on August 31, 2002 at 13:53:19:
If you have to personally guarantee what is the advantage ? Get the loan personally and save the money.
Limited Liability…Hence the Name(NT) - Posted by Stew(NE)
Posted by Stew(NE) on August 31, 2002 at 13:19:36:
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