Buying homes, lands on LLC vs on personal liability?

[RPG_Reloaded]

What makes the difference?

 

Lot of desi consultancy uncles doing in the same way, when I ask they hesitate to share the info.

anduke db samajam lo asking

[Telugodura456]

Emi difference ledhu. LLC aithe partners add chesukovacchu - anthe. Another benefit is you can hide home loans under LLC so they dont reflect on credit report and effect credit scoores.

[RPG_Reloaded]

4 minutes ago, Telugodura456 said:

Emi difference ledhu. LLC aithe partners add chesukovacchu - anthe. Another benefit is you can hide home loans under LLC so they dont reflect on credit report and effect credit scoores.

Ante, payment kattakunda 1yr undina, they can’t effect my credit score annamaata

[Kootami]

34 minutes ago, RPG_Reloaded said:

What makes the difference?

 

Lot of desi consultancy uncles doing in the same way, when I ask they hesitate to share the info.

anduke db samajam lo asking

Tax deductions vastaye .

[Telugodura456]

41 minutes ago, Kootami said:

Tax deductions vastaye .

No ..you can get them doing on your own. Tax deduction on LLC only income vasthe.

[Telugodura456]

1 hour ago, RPG_Reloaded said:

Ante, payment kattakunda 1yr undina, they can’t effect my credit score annamaata

Yea..but you are still responsible and they can sue you. If they submit a lien on you then it can impact your credit approvals.

[Hitman]

If you are rich uncle, if you are buying with cash... try LLC. Loan teeukoni konaali ante loan raadu...

[Pencil_Rubber]

LLC is mainly to avoid liability issues. If someone tries to sue us, they can sue only the LLC company not us. So maximum they get is the value of the property nothing else. But if they sue us when they the property is on our name then they  have chance to get more based on our assets (except primary as primary is protected). But having more LLC's will lot of tax paperwork for us.

 

[Pencil_Rubber]

17 hours ago, Hitman said:

If you are rich uncle, if you are buying with cash... try LLC. Loan teeukoni konaali ante loan raadu...

We can buy property on loan and then later (after 6 months) we can move property to LLC. There can be audit from the bank and they may ask us to pay the balance in full if they find out. But chances are very very slim. Most of them do this. I have 3 LLC's so far. 

[Hitman]

3 hours ago, Pencil_Rubber said:

We can buy property on loan and then later (after 6 months) we can move property to LLC. There can be audit from the bank and they may ask us to pay the balance in full if they find out. But chances are very very slim. Most of them do this. I have 3 LLC's so far. 

Good info.