All Forum Posts by: Cory Cook

Hi, 

Wife and I are high W2 earners with three long term rentals that we've owned for 10+ years each. The nature of my job will allow me to establish RE Professional status in 2024 and beyond. I'm looking for a mentor to help me determine if the proverbial juice (reducing my taxable income) is worth the squeeze (establishing and maintaining RE Pro status). 

Thanks!

Greetings BP,

My wife and I have four rental properties, all tenant occupied (two in SC, one in DE, one in VA). We've owned each of the properties for several years, all cash flow, we have 30-year fixed loans on the two SC houses and the VA house, the DE house we own outright. We currently have standard insurance on each of the four properties but noting else.

My wife and I are in our late 30's, we have pretty significant savings/investments/retirement accounts and we've grown concerned that a liability claim originating from one of the rental properties could wipe out either our personal savings or our other properties.

What is the conventional wisdom on protecting your assets against a liability claim?  We've done some research on umbrella insurance policies, LLCs, etc but I'm having a hard time deciphering the advantages and disadvantages of each strategy.

Thanks!

Cory

Thanks Jaren, I saw you're in Fremont...I'm originally from San Jose and was wondering where your investment properties are primarily located?

Thanks @Sara Cunningham. Please feel free to PM me if you have any questions about the DC, Maryland, NOVA real estate market. We've bought and sold houses pretty much all over the east coast and never seen anything quite like it. I'd be happy to share my experiences and perhaps save you from some of the things that bit us.

Greetings. My family and I are transferring to SW Oklahoma. We have four SFHs that we currently rent out and are looking to expand our portfolio. We are primarily looking in Oklahoma City, Lawton, and Wichita Falls.

Currently, we are looking to purchase either single or a multi-family units but we'd also be open to investing in potential flips.