4 ms·
Easy first step is anything not listed as owned by individual people. Investors will have some type of business ownership arrangement in 99%+ of cases and indiv
by rtkwe 1y ago
Easy first step is anything not listed as owned by individual people. Investors will have some type of business ownership arrangement in 99%+ of cases and individuals will rarely have an LLC or similar setup for their purchases.
- fortran77 1y agoMy house is owned by an LLC that I own. I live in the house and don't rent it. If you count this way you will overcount by quite a bit!
- nemomarx 1y agoWhy'd you set up an LLC for this?
- dsr_ 1y agoIn most cases: privacy and ease of sale. You don't sell the house, you sell the LLC. The owner doesn't change.
- zie 1y agoThere are a few reasons: * Multi-ownership can be easier. I.e. you can "hide" who owns the house and it disconnects ownership from property records. * People think it adds liability protections. * It might make transferring the house at death easier to control(i.e. LLC rules apply, not state real estate rules) In the case of owning the house you live in under an LLC, the chances of it protecting you from most liability is 0%. The only thing I can think og it maybe protecting you from is debt obligations, if the person trying to collect from you didn't bother to find out why you don't own your house on property records. This probably has a very low chance of working anymore, but low is > 0 I guess. In order to have LLC liability protections you have to separate the LLC from your personal life, i.e. you have to treat the LLC as a real business, no mixing bank accounts, etc
- fortran77 1y agoIn my case it is the way Historic Tax Credits are accounted for.
- rtkwe 1y agoOn the scale of the housing market of a whole state people like yourself are probably a rounding error. There's a reason I said rarely in my original post.