Benefits of owning your property through an LLC | Page 2 | General Homesteading Discussion | Forums

JSW said
How does this method of ownership affect other possible issues such as seizure or forfeiture to a government agency vs personal ownership?

 

As in, does it add more protections or does it make your property vulnerable in other ways?

Are you talking about eminent domain? Or something else?

JSW said
To be honest, I'm not sure. I'm learning a lot of this as I go. I assume eminent domain, but I don't know what other possibilities there might be.

Honestly I'm not sure. There are only a small handful of reasons I can think of where Government would seize property.

Eminent Domain is when property is (forcibly) purchased for the "communal good" such as building or widening a road, or expanding the local airport to accommodate an increased population and the airport is no longer able to keep pace with demand. That's the premise of Eminent Domain, unfortunately it has frequently been abused to turn a profit.

Seizure for unpaid taxes, or to pay something else off such as criminal fines, or other governmental debts.

Seizure for illegal activity such as using the property to make meth or as a den of human trafficking.

Seizure of property that has been condemned for health and safety reasons either due to being old, derelict, and dangerous, or because it became toxic from something like making meth.

Frankly, most of those reasons are pretty legitimate. If my neighbor was making meth, I'd be applauding the seizure, condemnation, and clean up.

Eminent Domain is the only one I can think of that can be questionable. You can try to fight it, but chances are you'll loose. I don't know the answer to this one, but I would speculate that LLC or not, if the local government wants your property, they'll get it. The only thing to fight for with Eminent Domain is to make them pay you what it's worth.

KVR said
there was just a pretty big fight over eminent domain out in vegas

http://www.lasvegasn.....ar-area-51

They should have pushed for the money only. Fighting Eminent Domain is nearly always a lost cause. It's personal to them, but it's a land transaction only. They should have gotten multiple quotes from Property Appraisors and pushed for that amount using the documentation from the appraisals. Something tells me 5.2 million was above what any appraisal would have been.

This is the "sales comparable" I used:

http://m.trulia.com/.....o-NV-89001

Generally speaking, 3 to 20 "comps" would be used, but I'm not doing that for a basic reply. I used the one to make my point, illustrate, and educate.