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Old 04-26-2012, 11:26 AM
 
32,117 posts, read 50,352,202 times
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we met with our financial guy yesterday which is normal yearly review and told him about buying home in FL as second home

he suggested we create an LLC and use that at closing so title is in that name

my husband thought about doing it--there are legal reasons why it could be beneficial but my husband says that all the paperwork--
utilities, checks to pay the utilities, keeping separate bookkeeping, paying taxes, etc...
all would be more trouble than it is worth

anyone from out of state who bought second home do that--buy the house and title in an LLC?
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Old 04-26-2012, 12:22 PM
 
157 posts, read 347,645 times
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many of my clients purchase this way, it's purely for tax reasons If you need some advice on who to speak too in Sarasota send me a DM
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Old 04-26-2012, 12:50 PM
 
Location: Port Charlotte, FL
3,979 posts, read 9,084,175 times
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I have not personally done it, but I have had buyers that do it. As long as everything is set up legally, you should be fine. Not sure of the paperwork involved though.
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Old 04-26-2012, 01:39 PM
 
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it would not really help us tax wise because we don't intend to rent it out when we aren't there

my husband just doesn't want the extra paper work he feels sure is involved

can anyone who has actually done it--not a RE person necessarily--speak to having to keep all transactions related to that type of ownership separate from other personal business/accounts?
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Old 04-26-2012, 01:58 PM
 
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why would somebody want to buy a second home in florida under an LLC? what advantages does that provide?
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Old 04-26-2012, 04:41 PM
 
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Can avoid probate for one reason
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Old 04-26-2012, 08:28 PM
 
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won't a living trust avoid probate just as well?
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Old 04-26-2012, 10:42 PM
 
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My suggestion would be to google John Hyre. He's a real estate investor, accountant and attorney who speaks at our investment club meetings several times a year. Very well respected and entertaining with his presentations on what's usually a boring, dry subject.

I use a combination of LLC's and trusts to take title to my real estate holdings (single family houses). This combination of entities avoids probate, keeps your name off public records (for the 'trip and fall' attorneys) and can help with estate planning.

Good luck.

JB
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Old 04-27-2012, 02:36 PM
 
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Thanks but my husband decided no LLC
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Old 05-12-2012, 07:33 PM
 
Location: Sarasota/Lakewood Ranch
42 posts, read 130,896 times
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If you bought it in an LLC it would protect it incase of a lawsuit. If it as in an LLC and someone fell at the house, they can only get the assests in that LLC. Many people with a large net worth will put each property, collection of art, 401K in a seperate LLC. That way it protects all the assests incase something happens and there is a lawsuit.
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