All Forum Posts by: Nancy J.

I just purchased an out-of-state SFH rental property in Ohio, and the property manager is suggesting that I put the property in a trust, primarily for privacy reasons. She has drawn up trust documents in which her property management company is the trustee, and I am the beneficiary. The trust is revocable. She has offered to pay the costs of filing the documents, and there's no fee to pay to the trustee for its services. Has anyone else encountered a property manager who suggested doing this? What are the pros and cons?

I apologize if there's other threads on this. I did a search of the forums and found very useful information, but none specific to a property manager that wants to be the trustee.

Also, any recommendations of attorneys in Ohio who can review trust docs would be helpful.

Thanks in advance!

Has anyone dealt with Anchor Loans in California before? I'm wondering what folks' experience with them has been. Thank you in advance.

Hi Sachin,

I'm also new to real estate investment myself and have been looking for different ways to educate myself, including joining BP a few days ago (by the way, I think this site is great so far!). I'm also in the Bay Area and am curious what local investor groups you've found. I've only come up with 2 so far - Silicon Valley Investment Club and the Northern California chapter of NREI. I hopefully will get to go to their meetings next month. Any others?

Thanks and welcome!

Nancy

Thanks Jon!!

I own a vacation rental and I use a Schlage keypad entry for the rental. I think it works great and would recommend it. You can program it remotely with as many codes as you like, you can lock/unlock the door remotely if needed and there's a battery indicator that you can check online which notifies you if the battery runs low (I've yet to see my battery level go down, though, and I've had the keypad for about 6 months now). Mine also sends me a notification if someone goes in or out of the unit; I think you can disable this unless you want to receive messages all day but could be useful for checking on contractors.

Hi all, I'm a newbie here and am planning on jumping into making hard money loans with a partner. I'm thinking of setting up an LLC to be the lender for these loans and have 2 questions - I think they're more accounting-related than legal questions. I understand that I will need to consult my own CPA, etc., but wondering if anyone knew these off-hand.

1. If I plan on distributing the interest income received from the HMLs as dividends to me and my partner, would these all be taxed as dividends? Meaning that we won't pay "ordinary income" tax on the interest income?

2. Are there tax reasons (or other reasons) which make it beneficial or required to fund the loans from a bank account in the LLC's name, as opposed to my own personal bank account?

Loving everything on BP so far; thanks in advance for any advice you can give!