Posted by jeff on November 08, 2002 at 18:04:28:
its probably better to set up the entity first, and to use land trusts for protection, but i wouldnt let it stop you from getting started. chances are youll be well established in your entities and things before you find your first deal if your just geting started. the first deal can easily take over 6 months to find.
dont worry about the entity yet, just go to work on your deals. yuo wont be able to use the entity on a lot of your deals anyway, even after its started. ive got an LLC and i still have to do some things in my own name, banks dont wanna hear about your LLC or corp. the entity has its place, but it shouldnt stop you from getting started. neither should the trust.
they both have their place, but neither of them do you any good at all unless you actually have somethign to protect first. 95% of the world doesnt use an entity or trusts, and theyve been successful for years. just get started and let the entity establish itself while your working. itll be finished before you get a deal going more than likely.
trusts are simple, you wont have any trouble understanding them once you start checking into them.