I'm intimately involved in the process of buying and developing real estate and the LLCs are typically owned by real people. not saying many parts of the system aren't rigged but I can speak to lots of multimillion dollar properties in the Boston area and I personally know the owners. not associated with the evil BlackRocks of the world. banks lending on these are often local banks. now where those banks get there money is likely tied to some of these but that's not them owning the LLC
No they're LLCs to protect the owners from personal liability claims. LLCs are registered with the state and have to disclose their directors. Complicated ownership structures just cost a lot of money to maintain, usually for no reason.
it can be. in my case I'm almost always listed as the manager so nothing is hidden, but you need to realize there are scumbags (plaintiffs and attorneys) out there opposite the developer that blackmail and shakedown the developers. your jaw would drop if you knew of some of the shakedowns I've paid out and that I know other developers have. for no reason other than because they know being litigious will harm the developer and they can benefit financially from being a thorn.
the system is broken I agree but if you were a developer you'd understand the need for various LLCs. a good developer will take care of all reasonable complaints and a typical developer does this for a lifestyle so it's not conducive to build a bad reputation by screwing over buyers or rental tenants. especially these days with social media
I'm intimately involved in the process of buying and developing real estate and the LLCs are typically owned by real people. not saying many parts of the system aren't rigged but I can speak to lots of multimillion dollar properties in the Boston area and I personally know the owners. not associated with the evil BlackRocks of the world. banks lending on these are often local banks. now where those banks get there money is likely tied to some of these but that's not them owning the LLC
All of these LLCs is just obfuscating who actually owns the property. Shady by design
No they're LLCs to protect the owners from personal liability claims. LLCs are registered with the state and have to disclose their directors. Complicated ownership structures just cost a lot of money to maintain, usually for no reason.
it can be. in my case I'm almost always listed as the manager so nothing is hidden, but you need to realize there are scumbags (plaintiffs and attorneys) out there opposite the developer that blackmail and shakedown the developers. your jaw would drop if you knew of some of the shakedowns I've paid out and that I know other developers have. for no reason other than because they know being litigious will harm the developer and they can benefit financially from being a thorn. the system is broken I agree but if you were a developer you'd understand the need for various LLCs. a good developer will take care of all reasonable complaints and a typical developer does this for a lifestyle so it's not conducive to build a bad reputation by screwing over buyers or rental tenants. especially these days with social media