Zahid Bailey, Home Buyer in Columbus, OH

Is there any way to protect investment properties from creditors and lawsuits in Ohio? Are they protected under the Homestead act?

Asked by Zahid Bailey, Columbus, OH Wed Jun 5, 2013

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6
I have several attorneys that I work closely with that can discuss trusts and other business options for properties. People choose many options for transferring them out of their names, from tax purposes to disgruntled tenants. There are also ways to protect your family in case something were to happen to you. All the more reason to seek legal council on this one.
1 vote Thank Flag Link Wed Jun 5, 2013
you should consult a bankruptcy attorney.
1 vote Thank Flag Link Wed Jun 5, 2013
Consult an attorney. However, I will say that I have seen folks put their investment properties in the name of an LLC which protects their personal assets in case they are sued. Hope this helps.
0 votes Thank Flag Link Tue Jun 25, 2013
Hi Zahid,

I work with an exceptional real estate attorney who is highly respected in Central Florida. You most certainly need the assistance of a professional real estate attorney. If you'd like his contact info, feel free to call or email me.

Cathy Starkweather
Realtor & Investment Home Specialist
cathy@jerrybarker.com / 01.407.274.8476
La Rosa Realty, LLC
Celebration, FL
0 votes Thank Flag Link Wed Jun 5, 2013
thanks!
Flag Fri Jun 7, 2013
I will also echo the former answers. You need to speak with both a bankruptcy attorney and/or a real estate attorney. However I will add that I work with a great Real Estate Attorney at Willis Law Firm. His name is Dmitri Hatzifotinos. You can reach him at (614) 324-0450. I'd imagine you let him know what you are thinking and he can tell you a good direction. Attorneys don't like to do much for free though, but maybe after speaking with him he may be able to help you.

I am also a property manager in Central Ohio. If you have property that needs managed, I can help you with that. Just visit my website http://www.CentralOhioHomeRental.com.

Best of luck!

Kevin
0 votes Thank Flag Link Wed Jun 5, 2013
Hi Zahid Bailey,

My answer is an echo of the former answers. Seek the advice of an real estate or bankruptcy attorney. As Realtors we are not permited to give legal advice even if we may know what steps you should take or how to minimize your risk and exposure to a law suit or actions by a creditor against you.

I wish you the best,
0 votes Thank Flag Link Wed Jun 5, 2013
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