Stefano,
Sorry for the delay in responding to your question. I have been traveling for about 10 days and just got back. Ernest had a stroke last February and is still recuperating. I would look at Dyches Boddiford’s asset protection information. He is absolutely outstanding and information is reasonably priced. Dyches will be at Mobile Home Millions in Orlando.
Corey
Stefano,
Entity setup and asset protection will vary with the needs and desires of each investor.
In most cases, a LLC is the preferred vehicle for park operation. The paperwork is not as burdensome as an “S” or a “C” corporation.
As far as owning the properties in a Land Trust, there is nothing wrong with that. Most people use a Land Trust to hide true ownership. Therefore, you would definitely want someone or some entity other than your son as the Trustee. A trusted friend is usually who most people task as the Trustee.
One thing you definitely don’t want to do is own the parks in your personal name. This is dangerous.
I’m hosting Dyches Boddiford on our May teleseminar (Thursday, 18th) and we are covering this very subject of asset protection for mobile home investors. It’s free, why don’t you join us.
Dyches will also be teaching a session at the Mobile Home Millions in Orlando next month on entity selection and asset protection and he will be available all weekend to answer questions.
Steve Case
Gary,
I totally agree with you about the insurance. I get liability insurance on every real estate asset that I own. In most cases it is a $1M policy. This takes care of the “nuisance” claims you might run into…at least here in the Southeast.
Gary,
Many of my assets are in trusts and other entities and I personally feel comfortable that one lawsuit won’t threaten everything I have. Therefore, the $1M liability policy per property is sufficient for my asset protection planning.
You should tune in to the teleseminar with Dyches Boddiford on Thursday, May 18th at 8:30 P.M. Eastern. He is going to talk about entity structure and asset protection.
Steve