What's new
  • Happy Birthday ICMag! Been 20 years since Gypsy Nirvana created the forum! We are celebrating with a 4/20 Giveaway and by launching a new Patreon tier called "420club". You can read more here.
  • Important notice: ICMag's T.O.U. has been updated. Please review it here. For your convenience, it is also available in the main forum menu, under 'Quick Links"!

Purchasing properties

N

ninjaturt

New member
Hey guys.
I have looked around and cant find any info on this. Was going to put this in the legal/security section but I feel like it will get a better response here.

How are you guys purchasing your houses? LLC? A trust with LLC? S-corp? I am in the process of purchasing a house right now (medical state) and I want to know how you guys are getting your houses and what you think the safest as far as asset forfeiture goes. I want to know the best way to keep the house you pay hard earned cash for, not how to purchase property anonymously so you can just walk away without it leading back to you.
 
Seaf0ur

Seaf0ur

Pagan Extremist
Veteran
when it comes to asset forfeiture nothing is safe. you house would be on trial, not you personally. your house does not have rights in said trial, and you personally do not have to be charged with anything whatsoever nor put under arrest for them to put your house on trial for potentially being involved in a "crime"

I suggest you watch this... asset forfeiture is something you simply cannot defend against.

[YOUTUBEIF]3kEpZWGgJks[/YOUTUBEIF]
 
C

chefbudz

Member
Seaf0ur great video thank you for post! i believe i was reading a few months ago about the government changing how assist seizure worked on a Federal level?
 
Midwest sticky

Midwest sticky

Resident Smartass & midget connoisseur
^^ the Feds did but that doesn't affect how local Leo handles asset forfeiture, they're more than happy to take your things.
 
D

dragunn

Member
have the biggest loan possible on the property.if your borrowing 80%

from a bank you should be safe.if your borrow from a family member

they will take it.if they want to.
 
O

omgwt

Member
dragunn said:
have the biggest loan possible on the property.if your borrowing 80%

from a bank you should be safe.if your borrow from a family member

they will take it.if they want to.
Click to expand...

This sounds smart to me, just stash all the profits and just pay the bills to not get evicted/behind on payments - if it goes to hell - you will have that stash once you get out again - or maybe a family member would help you continue paying the bills while inside with that money, too..
 
EclipseFour20

EclipseFour20

aka "Doc"
Veteran
Research forfeiture laws and property owned by more than one owner (tenants in common, partnership, corporations with multiple shareholders, etc) and you should be able to identify ways around forfeiture laws.

Property held in trust can have special protections which increases the difficulty/paperwork/legal proceedings for asset seizure. As mentioned earlier, sucking up any equity with a bona fide loan/security agreement is effective...but it can get real sweet for you (bad for LEO) if the property has multiple owners on the title as well.

Seek an attorney that is knowledgeable with "asset protection laws" in your state. If you don't set up the "mousetrap" just right, then you are wasting your time and money while living under a "false sense of security".
 
whadeezlrg

whadeezlrg

Just Say Grow
Veteran
RedBeardy5 said:
I agree, don't pay cash for a house get a 30yr loan. Best advice on here.
Click to expand...

is that even possible without w2 filing? I've filed as self employed but banks just laugh since the real estate crash...stated income loans of all types are generally hard to find, unless I'm just looking in all the wrong places.
 
You must log in or register to reply here.

Latest posts

Latest posts

Top