Definitions
I am a newbie investor and I want to know the meaning of the word or abbreviation "LLC". Also I like to know what it means when you say try to get "COMPS" .I appreciate any info you might www.have.I have hears this terminology many times...Please help!!?? :-? HELP
1. limited liability company
2. closed sales of similar, or comparable property
We have an LLC, and here (check your local laws) it is used to insulate the property owner from any lawsuits brought. My understanding is that you could be sued, but only up to the value of the assets of the LLC, unless it is for gross negligence etc. IE if someone tripped over a rake you left on the walkway, they could sue you above the assets of the LLC and this would put your personal property (home, business, gun collection) etc at risk.
As far as the comps, the important thing in getting comps (you will probably need a realtor to help you) is that you need to compare apples to apples. For example, in Camden NJ a block can cut the value of a property in half, so you need to compare "similar units" "similar size" "similar or same neighborhood" and make sure that the comps you get are not just active MLS listings, as those prices may be inflated by the listing agents/owners. You want to see what the properties actually sold for. Because of this you may have to go back several months. My realtor hates spring for getting comps because the prices of the sold units are depressed because of the holidays, and people not wanting to move during winter... up here in NJ...
bonnie
Thank you all for answering my questions...I know for sure this site it legit!!! Hope you all had a merry cristmas!!