All Forum Posts by: Diane Tycangco

Hi everyone, Another lawyer suggested just to have an LLC for each CA property, then a series LLC for the Memphis properties. But, he said that single member LLCs do not offer great protection and so to make it multimember I can have an irrevocable trust own 1% with a charity as the beneficiary since I don't want relatives to be involved. 

What do you guys think? This doesn't offer anonymity but i don't care about the anonymity part. 

Thanks everyone.  I just talked to a lawyer and he was going to charge me $8500!  The reason I am looking for asset protection is because od what happened to a fellow landlord I know. He had a tenant who was working buf who was a little mentally retarded.  One day he was walking around the property with a gun and was shooting into the air.  One of the other tenants came out and told him, you can't do that!  He said I'm sorry and then later did it again!  Police came to the property and arrested him!  What if he hit someone!  Then the landlord would have gotten sued!  What would you suggest in this scenario? 

Hello everyone!  I have been gathering information and some people say cost segregation is only worth it for expensive buildings.  Is this true?  According to Turbotax, with 27.5 years depreciation, my $600k building depreciates by around $21k/year.  Would cost segregation beat this figure?  How much would cost segregation studies cost?

Thanks!

Hi everyone, I am contemplating asset protection strategies for my California and Memphis properties and a real estate guru says to hold the California properties in land trusts owned by a Wyoming LLC. This WY LLC would have another WY LLC as the trustee. Also, he suggested a Tennessee Series LLC for the Memphis properties, owned by another WY holding LLC.

I was wondering if you have had experience with this type of arrangement and what you thought. Also, if a tenant sues me in California and my California land trust is owned/protected by a WY holding LLC, I presume that California rules prevail and so how will having a WY LLC protect me? Will California pierce the WY corporate veil?

Any LLCs would have to be single member since I don't have any co-owners.

How would this type of arrangement compare with forming a single member LLC in WY with California property in a land trust whose beneficiary is a WY LLC owned by a family limited partnership whose general partner is a corporation 1% controlled by me and limited partner 99% is me. If the lawsuit were in California or Memphis and those LLCs and/or family limited partnership is in those other states, how will those WY LLCs protect me?

This is so confusing and so I hope you experts can share your advice.

Thanks so much.

How long should I wait before lowering the price again?

Thanks

Hello everyone, I have a 2b1b with a good sized living room and kitchen but the 2 bedrooms are really small.  This has been the biggest complaint.  I have already lowered the rent 2x.  There is nowhere to add more space.  What can I do? 

Thanks

Thank you.  That's a great idea.

Hello everyone, first of all, I am a remote investor and have a property manager manage my property.  We have been looking for tenants for a month now and have not been successful.  To help the property manager, I have run Facebook ads which have had tremendous response and I have directed these potential renters to the property manager.  Property manager says applicants don't qualify or some people who have actually been to the units say they are too small.  We have lowered the rents already.  Property manager says the only solution he can suggest is to lower the asking rent again or we can terminate the property management agreement to let me find the tenants myself and then re-sign with them once I have tenants in place.  

The property manager's requirements are gross income should be 3x rent, 1 year rental history with no renting from friends and relatives and 600 credit score or 70% of debt should be in good standing.  

I am 3-4 hours away and it will be hard for me to meet the applicants face to face to screen them aside from the background check.  I don't know what to do.  I don't know if the property manager has not been trying hard enough because they have other properties to manage or if the units are really too small or if the applicants really don't qualify or the rent is really too high or what the reason is.

The units are not luxurious and are basic.

Any recommendations would be appreciated.