Posted on 03/28/2018 5:44:25 AM PDT by Nascar Dad
Good morning FReepers. I’d like to tap the best knowledge base on the planet here at FR.
I own a house in a beach community in the NE. Current rules state you are not allowed to own more than 1 house in your name, so people get around this by having a company purchase the property. My neighbor behind me, on the water, has a small house off to the side, so it doesn’t impede my view. I’d like to keep it that way, and purchase the house should it come up for sale.
The man that owns it has an elderly Dad in SC who is currently healthier than my neighbor. I am friendly with both, and want to be prepared financially and ready to act. I’d like to know: Should I set up a corporation with a different name, and also have an account in same name to park some cash? Is there a definite need for the LLC, or a different type in which the sale would be done? Any ideas on best sites to set up the corp? I thank you in advance for your thoughts!
I don't think we have many that are qualified to give advice to folks that live in Russia or China.
What the hell kind of crap is that, that says you can't own more than one home?
GET OUT NOW!
Bunch of damned anti-capitalist morons run the place.
You'd be better off somewhere else.
(I have three homes (four, if you count the damned mobile home) in my name. When will the goons be here to confiscate them?)
Sheesh!
Build higher.
It’s probably a private community with cc&r’s. We have an old person community down the road from us that has them. They pay a monthly HOA fee. A friend was gonna buy a house in there and when I went over the cc&r’s for her it stated you had to own a house for 2 years before it can become a rental. Their way around owning multiple houses in there and making sure they’re owner occupied.
While I did say this:
“Why don’t you act on your principles and go ahead and by the other place in your name and challenge the “rule” that says you can’t.”
Having once myself gotten into buying property with HOA stuff written into the deed, I admit that the “rule” may be written into the agreements you entered into, legally, when you bought your place. THAT’s where they get you - if you don’t like the rules you don’t have to buy. Then you are trapped when trying to challenge the rules later on - you agreed to them in the contracts you signed.
Sorry, not enough info. What state? What entity says you can’t own more than one? What else “can’t” you do?
I own quite a few properties but none beachfront. A house near the beach that you live in is expensive enough, and the insurance must be phenomenal; a house on the beach that you don’t live in, is probably far more expensive and risky. But if you’re ok with it, Lord love ya!
Put one in a trust.
...
I was going to suggest that. I think with an LLC, paperwork has to be filed with the state every year and I believe a tax return has to be done, too.
Check your insurance too! Some insurance companies WILL NOT cover an LLC or Trust named property.
Back in the early 80’s my dear ole pappy sold a house that backed up to a lot across the street from a salt pond in Charleston RI,because some one was going to put up a house on stilts and block his view.
Dum ass should ah held on to it because that house now is worth about 400,000.00 with no view.
Point being FUFGETAHBOUTIT.
Buy a Grand Banks
“Buy Bitcoin!”
I thought Bitcoiin was the latest thing ...
A man who says he comes from the future, told me to invest in Zinc.
I think I can spring for a couple of tons.
Well it was 20,000 dollars per coin in January, and now it’s at 8,000, so the bloom is off the rose. But I don’t predict the future, I was just using it as an example of the kind of investment advice you get online. Bad advice, usually.
I’m a mortgage lender.
Who is making the rule?
If it’s a HOA some have rules against renting units out, is that what it is?
Also lenders won’t loan on property in a LLC , at least normal residential financing.
Maybe some type of business loan would
“I was just using it as an example of the kind of investment advice you get online. Bad advice, usually.”
actually, was just trying to make your bad advice even badder ...
Delaware is the state with the most affordable costs to incorporate.
Or, perhaps you can establish a family foundation through which to buy the house.
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