All Forum Posts by: Genna Golden

Anyone have a living trust who has filled out the Fafsa form? I'm told a living trust will be declared as an asset (owns the properties) but

assets held outside the trust in an LLC will not be counted as an asset. Looking to maximize my potential for college financial aide.

I'm having a similar issue. I have a duplex rental property purchased in my and my husband's name. I then put the property into an LLC. An attorney told me that since it is deeded to us personally, which yes, can be found by quick city records search, the protections of the LLC will not apply to us. Are you saying @joesplitrock, @Tim Swierczek @John woodrich  that if I can get my lender to retitle the property then I will be operating it legitimately as an LLC?

Contrarily, it seems I could get liability protection from keeping it in our own name and maintaining our personal 2M umbrella policy?

I have made inquiries to several sources regarding the due on sale clause. Most, including attorneys, say don't worry about it.  Pay your bills and most have never seen it called. However, the clause is there and so yes, it is an important personal decision.

I just signed with them. Here's why:

Reason 1: anonymity. After moving my office home my name is attached to too many properties and easily findable. I manage 8 companies now all with significant public exposure. Better safe than sorry. This move will likely prevent a lawsuit, however unlikely, from happening due to unobtainable info.

Reason 2: I am reducing my administrative responsibilities as much as possible. Having them keep filings up to date is small but one less thing for my "to do" list. I'm trying to keep the "passive part" of investing alive and well. Rather than hire an assistant, I'm outsourcing and they are part of that picture.

Reason3: I'm vigilant about tax maneuvers, prom notes, and how S Corps, C corps and LLC's can interact for significant tax savings. Everyone may not be at that level, but things get complicated and to get on the phone and ask simple legal questions will be helpful, and what the tax ramification is. I had an incident last month in which I think I would already have saved money.

I've just begun with Anderson so I can't attest to value, but happy to report down the road as I'm deeper into this relationship.

I just signed with them. Here's why:

Reason 1: anonymity. After moving my office home my name is attached to too many properties and easily findable. I manage 8 companies now all with significant public exposure. Better safe than sorry. This move will likely prevent a lawsuit, however unlikely, from happening due to unobtainable info.

Reason 2: I am reducing my administrative responsibilities as much as possible. Having them keep filings up to date is small but one less thing for my "to do" list. I'm trying to keep the "passive part" of investing alive and well. Rather than hire an assistant, I'm outsourcing and they are part of that picture.

Reason3: I'm vigilant about tax maneuvers, prom notes, and how S Corps, C corps and LLC's can interact for significant tax savings. Everyone may not be at that level, but things get complicated and to get on the phone and ask simple legal questions will be helpful, and what the tax ramification is. I had an incident last month in which I think I would already have saved money.

I've just begun with Anderson so I can't attest to value, but happy to report down the road as I'm deeper into this relationship.

@Rob Randle

I used flat on walls (except kitchen and bath) at recommendation of BP but found the strategy of easy touch ups not working. Same color and sheen but maybe a different can ends up in easily viewed streaks and spots of paint. Anyone else have this problem? I hate to repaint whole house after each tenant but starting to look unprofessional in a higher end duplex.

I'm a big fan of NNN commercial buildings to increase my "passivity". I also have a master lease agreement on a 3 unit building. Full lease payments coming in so far in spite of Covid. Retail is in flux right now. While I'm sure the masses won't rush back into the office space market, and restaurants are in trouble for a while, many business models need brick and mortar and NNN tenants take great care of your building.

UPDATE: I did NOT rent to any of the several unemployed service workers who wanted it. I waited it out and got a renter, no pets. He has a guarantor (in same state) with high income. Both have high credit scores.  This 2/1 would normally rent in nice Portland neighborhood for $1900 in two days. Lowered price to $1850 upon Covid taking hold, he talked me into $1750. Done deal. Though took 4 solid weeks. 

Thank you for your feedback all.

Since marijuana dispensaries are illegal on federal level and governed by the states, federal loan programs cannot even consider funding them. Until they are legal on federal level, private funding is the only way to go.

I own a single tenant building that is mj dispensary in Oregon. Purchased all cash. It is currently a good hedge as the marijuana business is booming during Covid Crisis (essential services like a pharmacy) and a property with no bank loan and NNN tenant is very little stress.

@Joe Splitrock I agree about future of social distancing. I think there will be a lot of furloughed workers not hired back for quite a while, with lots of qualified people applying for fewer jobs. As much as I'd like to "do my part" and "help the crisis" as a landlord, I think I'll hold out and keep my Miniumum Qualifying Standards.

Thanks for responses. @Michael Noto I haven't had the furloughed people apply, I just ask a lot of financial questions up front in  light of unique circumstances. In general, I don't want potential tenants to pay for background  check unless I know they will likely be accepted. This unit is usually rented in 2 days, and now it's been a month. Now I'm even accepting (gasp) dogs!