Never own anything in your own name – always hold title this way (1 of 7 in Lou's Series on Trusts)- Lou Brown's 101 Street Smart Cash Flow Accelerator # 43
This little series is going to revolve around what I believe to be the very best way that you can set yourself up for success. And that's the whole title to your real estate in trust. An amazing kind of trust called a land trust. Now a land trust is different from other types of trusts. It's about 30 different kinds of trusts out there. This very unique and special trust actually allows us to do things that other trusts don't let us do. Certainly LLCs, corporations, limited partnerships, can't do many of the things that a land trust can do. It's one of the reasons that I love land. Trust dearly. Love them. The first one is - never own anything in your own name. Always hold title in a land trust. Right now you may have your personal resonance in your name. You may have your vehicle in your name, you may have your bank account in your name. If you really think about it, how easy is it for someone to actually look up your name and find out what you own or look up your address and find out who owns it? It's pretty easy in this marvelous day of technology, click, click, click, boom. Now here's all the information, by the way, not just that property, but every property you own in that name. How scary is that? Because it's so easy for someone, for just a couple of hundred dollars. Somebody can follow a lawsuit at the local courthouse and go after you, maybe for no cause at all. Maybe for cause. In any case, you really don't have a way you can regroup or back up. Why? Because the property's already in your name. So if they were to be successful with their lawsuit, they would get what's called a judgment. That judgment would now attached to your name and anything that's owned by you in your name. What I believe in and what I suggest is that every property that you own should be not only in trust, not in your name, but in a separate trust each property in its own trust.
To watch the next part of the video go to: Hold your personal property such as Autos in a PP Trust ( 2 of 7 in Lou's Series on using Trusts) https://youtu.be/iKRxRonLonw
Investors have long regarded Lou’s training, systems and forms as the best in the industry. He has been quoted as an expert by many publications including The Wall Street Journal and Smart Money Magazine.
Lou draws from his wide and varied background as a real estate investor. Having bought property since 1977, he has invested in single-family homes, apartments, hotels and developed subdivisions, as well as building and renovating homes and apartments. These experiences have given him a proving ground for the most cutting-edge concepts in the real estate investment industry today.
