All Forum Posts by: Iris Hou

@Lynnette E. So if I form a Wyoming LLC that holds a TX LLC who is the beneficiary of the Trust owing the property, would that avoid the issue you mentioned? And in this case I might need to pay $800 CA annual filing fee but is there anything else?

@Anish Tolia Good point. I did some research and the cost of umbrella insurance can range from $200 per year on the low end to over $1,000 for a high limit, such as $10 million worth of umbrella liability coverage. So say my net worth is below 1 million, I can just buy a $200 insurance than setting up an LLC which involves $800 annual filing fee and tax preparation fee. The only downside might be that 1) I won't have such a good anonymity as say if I create a NV/WY LLC, 2) the insurance won't protect me against a severe charging order, and 3)filing a 1040 have a higher chance of being audited than filing a LLC?

@Jerel Ehlert Thanks for the info. I did look at your website and will have it in my notebook for future reference if I start invest in TX.

@Christopher Smith Wow perfect timing! I'm so impressed. The market has decreased/cool down a bit this winter (YoY). Doubt there'll be another such a big crash as 2008. What do you think? I'm currently just trying to be well prepared knowledge and finance wise for the upcoming opportunity. People always say don't try to time the market, but the history always repeats itself. There's always a ~10yr cycle in the past, just a matter of how significant it is.

@Ned Carey That's very helpful! Thanks a lot for the information.

@Ned Carey Totally. I'm just worried that a good lawyer might cost me a lot (haven't use RE lawyer before). I watched some videos made by RE lawyers online, and noticed that go with a bad lawyer can cost me money while not delivering result (e.g. property can still be found i.e. not really anonymous,or too many LLCs cost too much to maintain). I had business law class and entrepreneurship class at school, so had a basic understanding regarding how to set up a company on my own, and understand taxes as well as I'm majored in accounting. But to your point, I still need a lawyer to provide me with the professional legal advice as law is much more complicated than just that. And that lawyer should be someone who tells me something I don't know. Any idea on how to find a good RE lawyer at a reasonable price and how much would be the range that I should be prepared for?

@Christopher Smith Thanks that's very helpful! It seems you are Californian as well, do you mind if I ask how you feel about investing within state V.S. out of state? I heard a lot of stories where squatters take advantage of the system and landlords suffer because our state law favors tenant. And the price here are so high that it's hard to find a good cash flow property. Do you feel the same way?

@Christopher Smith Thanks! Is that possible to get Landtrust and insurance but not LLC so I get the protection and anonymous?

I'm a newbie from CA trying to invest in my first rental property in TX or some other states with healthy RE market (good cash flow and landlord friendly). After doing a lot of research, I heard a lot of different opinions regarding creating a land trust, LLC, or get insurance. I'm a small small investor so an just trying to get enough reasonable coverage of my assets and in the meanwhile keep the filing/maintenance cost low. Some people said that it's not really necessary to have one as a beginner, but I feel because I'm a small investor with limited amount of asset, I have to get things right in the beginning and protect the "seed money" well so I can continue to grow. Does anyone have any good experience/suggestion to share?

@Brendon Seeley Thanks! By "core four" do you mean deal finder, PM, contractor and lender? I actually didn't know so just googled.