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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Don't shoot yourself in the foot... Posted by Ward-CA- on June 08, 2009 at 5:45 PM In Reply to: Ready to Pull the Trigger posted by Dawn on June 08, 2009 at 8:16 AM Dawn, You don’t mention the state you’re in so I’m going to assume it's CA. In CA an LLC has to be formally registered with the state. The annual cost for that privilege is currently $800. Just for that reason alone you’d probably be better off with a title holding trust (THT) that’s exempt from any annual entity charge. The fact you currently “have nothing to hide” ignores the possibility that you very well might have a need for privacy some time in the future. Since there’s nothing negative about having lots of privacy and a lot you might lose without it…you just might want to reconsider that issue while you have the freedom of choice. For bidding purposes you want to try to cover the greatest number of bidding combinations with the least number of checks…especially if you’re paying a fee for each cashier’s check. If the auction has posted an “opening bid” then start with that amount plus a buck. You just might get it without any other competitor bidding against you. From there use the “double up” combination. Start with a $1,000 check and get the next for $2,000 and the next for $4,000 and so on until you reach your upper limit. Hope this helps, -----------------Ward ======================= : Ready for the Auction. This is my Primary Residence that I am : buying, (1) should I do the LLC thing or take title in my own name? I have nothing to hide, as far as the privacy issue; but in my readings, I notice folks here lean towards a smoke-screen on real property ownership, at least the recordable documents. (2) from a realistic stand-point, if a property has a foreclosing 1st of $600,000 with a TS of $665,000, a published bid of $665,000... if I am lucky enough to have selected one of : those props that get sliced and diced price wise that morning at : the courthouse steps, what denominations should I have my cashier's checks in? Thanks! I will pull the trigger within the next 6 wks because I am tired of RENTING, ahhhhhhhhhhh! Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Dawn, : You don’t mention the state you’re in so I’m going to assume it's CA. : In CA an LLC has to be formally registered with the state. The annual cost for that privilege is currently $800. Just for that reason alone you’d probably be better off with a title holding trust (THT) that’s exempt from any annual entity charge. : The fact you currently “have nothing to hide” ignores the possibility that you very well might have a need for privacy some time in the future. Since there’s nothing negative about having lots of privacy and a lot you might lose without it…you just might want to reconsider that issue while you have the freedom of choice. : For bidding purposes you want to try to cover the greatest number of bidding combinations with the least number of checks…especially if you’re paying a fee for each cashier’s check. : If the auction has posted an “opening bid” then start with that amount plus a buck. You just might get it without any other competitor bidding against you. From there use the “double up” combination. Start with a $1,000 check and get the next for $2,000 and the next for $4,000 and so on until you reach your upper limit. : : Hope this helps, : : -----------------Ward : : ======================= : : : Ready for the Auction. This is my Primary Residence that I am : : buying, (1) should I do the LLC thing or take title in my own name? I have nothing to hide, as far as the privacy issue; but in my readings, I notice folks here lean towards a smoke-screen on real property ownership, at least the recordable documents. (2) from a realistic stand-point, if a property has a foreclosing 1st of $600,000 with a TS of $665,000, a published bid of $665,000... if I am lucky enough to have selected one of : : those props that get sliced and diced price wise that morning at : : the courthouse steps, what denominations should I have my cashier's checks in? Thanks! I will pull the trigger within the next 6 wks because I am tired of RENTING, ahhhhhhhhhhh! [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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