All Forum Posts by: David Freeman

For those of you using FHA loans. . . does an FHA loan with 3% down require PMI and if so does that extra cost still make it worth only having to come in with 3% down? Please share your thoughts. Thanks!

My wife and I want to build a vacation home on the central coast of Oregon. Since we live in SoCal we have no general contractors that we know in the Oregon area. We would really appreciate any recommendations from the Bigger Pockets community. If you know a great, reputable contractor that I could call it would be much appreciated. The eventual build will take place in the Florence/Newport area on the coast.  Thank you in advance for any tips you can provide.   

@Ray Lai, a wealth of knowledge. Thank you very much!

@Omar, I appreciate the topic as I am considering out of state property and will need to employ property management. @Audrey, thank you for sharing the names of who you are considering. I have much to research and I thank you both. Best of luck with you REI moving forward.

After reading 'Loopholes of Real Estate' by Garrett Sutton I scheduled a meeting with an attorney to discuss the protection of our properties. I am interested in any advice that BP members can provide in relation to the best way to protect the properties I currently own and any I plan to purchase in the future. I want to make the most of the $150/hour price. What about LLC's? or LP's? or Homesteads?

In brief - I live in California. My insurance liability on all of my homes is at 300K, I have a 1 million umbrella liability policy so I have stage one protection (insurance) as Sutton suggests. I have a personal residence and slowly over the years I have acquired 5 single family homes (one of which I am a 50% partner). I may acquire additional properties in the future either through the 1031 exchange process or by using existing equity or both. My wife and I currently have joint title on all of the homes through our Family Trust. I have many questions with just a few listed below.

What is the best way to isolate and protect our assets from potential litigation?

Should each home be in a separate LLC? What is the cost of LLC's in California?

What about an LLC from Nevada (or another state that may less expensive) holding California real estate? Does that trigger the filing of a Nevada tax return?

Should I raise my umbrella policy to a $2 million limit?

What are your thoughts on Homesteads for residence?

I am new to BP but have thoroughly enjoyed reading the blogs, forums and listening to the podcast so I just thought I would throw this out to the experts of BP. My appointment is tomorrow the 29th. I would appreciate any feedback, questions I should pose to the attorney, and any advice that the BP community will provide. I thank you in advance for your time and effort.