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!
Also, do I have to get into trademarking a name?
Current rules state you are not allowed to own more than 1 house in your name...
i.e. I can’t be very helpful with this one...
They’re loosely enforced..
Put one in a trust.
Consider using a grantor trust or LLC especially if you do not reside in same state. Discuss with estate planning attorney.
Contact a decent realestate/estate attny. Pay now or pay later and Freepers wont help you with your losses
Tell ya' what, you fix my roof and some of the other problems I need fixed and I have a couple friends who will make sure the guy who owns it leaves it to you in his Will.
Cheap at twice the price.
Also check with bank if financing, they may be more likely to fund trust than LLC . Do not put in regular corporation. Potential for double tax.
Yes. Nothing is more expensive than a cheap lawyer, and free financial advice on FR is the cheapest there is! Buy Bitcoin!
What state are you in?
Check the covenants and deed restrictions. It is very possible that there are provisions related to building height and view obstruction. If so, that very likely resolves your concern.
There have been a number of cases in the state of Washington where an owner thought they could ignore the deed restrictions on height, thinking they just might have to pay a fine only to learn they have to tear down to portions that are in violation; and the other party’s legal bills.
Thanks
See post number 7. That’s the best advice anyone can give you. And, be sure anyone you hire is in that town or knows the rules there as well.
Although personally, I am totally with post number 3.
How is it constitutionally possible for the locality to declare it illegal for one party to own more than one residence there.
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.
Ha! Just trying to get pointed in the right direction.
Just bought some WorldCom stock. /s
Sell out now, while you still can.
Was thinking about that.
If we’re talking about NYS, it’s not about making it illegal to own one. It’s about STAR exemptions. And don’t get me started on those and what they do to distort the real estate market, not to mention send families with kids fleeing the state.
You only get 1 exemption. And while there are ways around that, legal not necessarily ethical, there’s no guarantee that those means will always be available.
Caveat emptor. Big time.
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