All Forum Posts by: Andy Wilson

@Andy Wilson sorry, I forgot to mention the area: I am looking for a property in LA, Orange, Riverside, San Bernardino counties.

Hi BP,

I am looking for a property to start RCFE (known as residential assisted living facility) business. Does anyone know a broker or agent who can help me to purchase a property and guide to set up the business?

Thank you!

Hi BP,

I have been in RE agent in SoCal, and has been looking around homes for the past few months. The agent’s company is quite big and she is professional, but seems to be very busy, not proactive enough for me. I placed a couple of offers but not successful so far. She works fast and responsive but she never gives me any meaningful suggestions or recommending properties, but showing homes only when I ask.

I heard in the past that some RE agents sued the sellers or buyers because they worked together but then RE agents were not included when the transaction occurred.

Is there any professional rule when changing RE agent? Should I tell her I will change RE agent? I guess I should make an offer with her if the property was seen with her in the past, right? I just don’t want to create legal issues or headaches for the future, but I cannot continue to work with someone who is not proactive enough.

Please help me with your insightful advices. Thank you.

Hi BP!

I want to keep my current properties with low interest rates locked but need to buy a property for my primary residence. I don't have enough funds for downpayment for that. Would you recommend to draw some money in my retirement plan or to use HELOC with current high rates?

Thanks for your advice in advance!

Thank you all. All things considered, I will just try to find a home without a pool. Running rentals myself is already a heavy work for me!

@Mike Hern

Sorry, it us SoCal

Hi BP,

I am looking for a property for rentals. Now I found a good deal with a swimming pool. My agent saying having swimming pool is a plus but others say having a pool can be a negative for maintenance and high insurance cost… rental properties with a swimming pool are typically not desirable?

Hi BPs,

Can you apply for home owners exemption with an investment property even if you never lived there? I guess the answer is no, but just wanted to know if the common practice could be different from my common sense.. :)

Thank you!

Hi BP,

I have 25K in Huntington bank, which I think is a relatively small local bank. Should I move my retirement account to a bigger bank or wouldn’t it be affected by the potential local bank crisis? I had to move my retirement funds to that small bank when I purchased a property in the past for a better rate.

Thank you for your advice in advance!

Hi

I learned that forming LLC is important for asset protection for rental properties. I already made LLC for my rental property But my CPA insists to get rid of LLC as it just adds more costs and doesn't really protect me because we already have landlord's insurance. How important is it to form LLC for rental properties. I only have two rental properties but plan to expand more in the future.

How important is it to form LLC for asset protection for rental properties?