All Forum Posts by: Daniel Y.

@Mike Miller I was looking into this recently as well for CA. As far as what you are asking, it will be very tough, and probably impossible. I signed up as a referral agent only, I cannot buy or sell property (doesn't matter if you are representing only representing yourself or not). I do not have to pay for the MLS or my local Realtor association.

You're right in that it is not CA law, but you can't blame the companies either. It is dictated by business. If you are buy and selling in any sense, then you are required to join your local Realtor Association (think of them as an HOA, you don't want to join or pay, but you have to or they will serve their own fines).

So you can weigh everything out. Suggestion if you don't want to join and pay all those fees, just become a referral agent. If you find a property that you like, approach the listing agent and have them represent you, but ask them for a referral fee. That way you can still get an additional discount, you have them do the work so no liabilities, and you shouldn't have to worry about those fees. If you are interested in going that route then let me know, I can refer you to the one I joined.

Best of luck

This question would specifically go towards Amanda, since she lives and practices in CA. We are well aware of the Federal changes. However, what changes have CA made to be align with the Federal changes to actually provide tax relief to the residents of CA? If none, what are some suggestions or things/strategies to ask our CPA to consider to get the most amount saved on our CA state income tax?

The new update looks clean. However, I don't know if it's just me or it's happening to others, but the update killed my regular function. I have my alert set to send me an e-mail if someone sends me a PM, I just double checked and it is still turned on. However, I haven't received any e-mails letting me know that people have sent me a PM.

 Did tag me correctly, but lucky for you it did show up in my set up alerts and I just so happened to click on it.

There are some meetups in the OC area that I have been going to. And out of coincidence, I invest out of state...in TX :) Feel free to reach out any time.

Based on that statement with all those variables then my answer is no. If you strip away both the mortgage and the cashflow (which can also be negative, especially if you are looking in SoCal) then the statement can be true. Example below:

100k property

20k for down payment

3% appreciation/yr of 100k property =3k

3k (appreciation gain)/20k (downpayment)= 15%

Hope this helps and I hope you can learn to run the numbers when someone throws a statement like this at you again. It always helps knowing how to run the numbers, but also know how to take into consideration/exclude variables as well.

I agree @Aaron K. that you will probably get a little more value if you purchase in Orange compared to Costa Mesa. However, if you are looking for long term appreciation then I agree with @Joe Homs. I worked and drive by Costa Mesa quite often, and it has been growing in population and development. It will probably do better than Orange in the long run, but it also depends on where you buy and how people's perspective changes in the next few decades as well. Another good thing another Costa Mesa though, it's much closer to Irvine where most of Orange County high paying jobs are located (where I currently work and have worked close to a decade).

Is property titled under an LLC or under both of your names?

Let's me bring in a knowledgeable individual to help fully answer your question @Dave Foster

Hi @Rochelle Duong,

Have you looked into some local meetup to go to? I believe there is one that is coming up in Santa Monica next week (need to double check). And some in Costa Mesa and Irvine in the next few weeks. Great way to meet people and get all your questions answered, or as much as possible. Feel free to reach out to me and I'll provide you some links.

Daniel

Nice! I had a suggestion, but wasn't sure where the best place to post or start it. If we can hide/dismiss threads on the front feed page, like our inbox, then that would be very helpful. The reason I bring that up is there might be trending threads that I have already read, but I am no longer interested in following. The problem is it's so hot that it keep getting bumped to the top, but there might be new or interesting threads that are missed and left unanswered because it gets buried quickly by trending post or very general questions that have been answer multiple times or questions that can't be answered by others like, "HELP! Newbie here! Tell me what to do with my life!"

Hi @Edward Schenkel,

Great post and appreciate the contribution to this forum! Hopefully, this hasn't been asked, as I skimmed very quick to try to play catch up.

If the only equity you had was in a property, and it is leveraged to the teeth. For example, conventional loan in 1st position, a HELOC in 2nd position, and a private money lender in 3rd position. If you were to be sued and loss, where would they fall in terms of collecting money? Would they be in 4th position to receive the money? Or are there special circumstance where they might move up ahead, say the private money lender?

I heard being "over leveraged" is a method of asset protection (not personally pushing the strategy). I just want to understand it a bit better, so that it could potentially become an option in the future.

Thank you for the response.