Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
Followed Discussions Followed Categories Followed People Followed Locations
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Margaret Saddoris

Margaret Saddoris has started 1 posts and replied 2 times.

Post: Putting property in an LLC

Margaret SaddorisPosted
  • Toledo, OH
  • Posts 2
  • Votes 0

My husband and his brother are both owners of the property. Because the property no longer has a mortgage the attorney just switched the deed over to them. We were not told of the back taxes when my husband and brother signed for the homes. We have tried to give the city, hud, habitat for humanity etc. the property. However, because it is just an empty lot with 8,000 of back taxes due no one wants it. It is in the inner city and in a bad neighborhood. The land is not even worth 8,000. Our attorney has told us that if we put it in an LLC and forget about it then my husband and his brother will be protected. This should be an easy question but we have spoke with a few attorneys at this point and no one knows the answer

Post: Putting property in an LLC

Margaret SaddorisPosted
  • Toledo, OH
  • Posts 2
  • Votes 0

I have just inherited a few homes that are paid off from a deceased family member. They are all in horrible disrepair. One of the properties was torn down while in a trust. The person in charge of the trust did not pay the taxes for this property for six years. I can't even give this lot away due to the back taxes. I do not have the money to pay the taxes either. I inherited my biggest nightmare. Had I known this, I would never have taken the houses. If I place the empty lot in an LCC will this protect me from any legal issues that might come along? My attorney swears to me that I will be safe, but he is also the person who gave me this nightmare. Also, the city has yet to send out a bill for the tear down of the property. Will the LLC protect me from this also?