JJ Luna

LLC & financing follow-up

Submitted by:
Jack, I am "on board" with your ideas of buying with cash. However, for me all these concepts are new and require major changes in lifestyle as well as "buy in" from the spouse.
... I tend to take a long term view of things and are in the process of teaching these things to my children even though I might not realize all the benefits myself. Having laid that foundation, I have made arrangements to purchase a house using borrowed money (I know it isn't for cash, but see first paragraph). I have the time (before closing) to set up a LLC or just forget it and press on with using my own name. Is it worthwhile to set up the LLC? Does it confer any benefits even though the note is personally guaranteed (i.e. in my name)? Thanks.

JJ Luna Responds:

With a cash sale, the LLC can hide the true owner in case someone is searching for your assets. I think that is lost when financing, although I never finance.
... Is there still time for you to re-think buying rather than renting? If so, I urge you to get my "Work From Home at Any Age" book and study pages 17 to 19 with your wife. Can't hurt, and might help!
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