All Forum Posts by: Jeet Sangha

Looking for a new construction loan as owner builder in the Bay Area. Land already acquired and as a small house on it. 
Any recommendations would be super appreciated!

Some of you may find this information helpful if you have assets that you want to protect from creditors and liabilities. 

Consider using Wyoming Trusts.

Here are some key features of Wyoming trusts:

1. Wyoming offers a high level of privacy for trust creators, trustees, and beneficiaries. Trust documents are not required to be publicly recorded, ensuring that details about the trust remain private.

2. Provide strong asset protection benefits, shielding assets from creditors in many circumstances. eg: creditors may have difficulty seizing assets held in a Wyoming trust, depending on the trust's structure and timing.

3. Wyoming has no state income tax.

4. Wyoming allows for the creation of dynasty trusts, which can last for multiple generations, often up to 100 years or more, designed to preserve family wealth across several generations without being subject to estate taxes each time the assets pass to heirs.

5. Wyoming permits directed trusts, which allow a 3rd party (often a trust advisor) to direct certain aspects of the trust's administration, providing greater flexibility and control to the trustor.

6. Wyoming allows "trust decanting": a trustee can modify or change the terms of an irrevocable trust under certain conditions.

Please consult your CPA or attorney before creating any trust. I'm neither an attorney nor a CPA; I'm a Realtor simply passing along this information for those who may find it helpful.

Jeet Sangha
COMPASS
DRE: 02014485

I came across some critical information today that I think is important to share with you:

In the aftermath of the LA fires, it has become evident that some homeowners’ insurance claims have been denied or disputed because the property title was held in a trust, but the insurance policy was under the individual homeowner’s name.

This serves as a valuable reminder to review your insurance policies and ensure that the ownership structure on your property title matches the named insured on their policy. If a home is titled in a trust (or an LLC), the trust or LLC should be added as an additional insured to avoid potential disputes during a claim.

To confirm, we reached out to an insurance carrier, who clarified:

“A carrier can potentially deny a claim if the home is titled in a trust or LLC but the insurance policy is under the individual homeowner's name. The ownership structure as indicated on the title must match the named insured on the policy to ensure proper coverage. To avoid a dispute, it’s crucial to add the trust or LLC as an additional insured on the policy.”

This is a simple but crucial step to help protect your home.

Please share this post with your family and friends to keep them informed.

Hello, if you must live in San Jose, I'd say renting makes more sense, especially a 2.5M house for 5K a month. If you were to buy a similar home, the interest and property taxes alone may amount to that much, which, in my opinion, is a waste of money as well. Or, you can try moving out to Morgan Hill or Gilroy, where home prices are more affordable compared to San Jose. 

 Hey Diego, I started wholesaling a long time ago by doing direct mail marketing and had decent success doing that. I no longer wholesale since I'm primarily a Realtor now. The main thing is to find motivated sellers before they list their homes with a Realtor. You can find different strategies on how to find and reach these folks, such as driving for dollars, targeting mailing lists, networking with Realtors and other wholesalers, and having an online presence, plus paid social media ads, etc. These are some of the ideas. I'm sure others will have more to add. 

Hey Gil,

I'm an experienced investor and realtor specializing in the South Bay area. I can help identify buildable land from San Jose down to Monterey County and San Benito County. I can assist you with your specific needs, let's connect and see how I can help.

Hi Payvand! Welcome to BP. You'll find lots of great tips to get you going. It sounds like you're looking for an investment that cashflows and appreciates over time. In the current market environment, finding a deal that cashflows on day one is challenging. Usually, you'll have to find something that is a bit quirky where you can force appreciation. We've done that several times. For example, we converted an office structure into a duplex, which forced appreciation and positive cash flow. On another property, we made room additions, which generated much better cash flow. Currently, we are converting a barn into an ADU and JADU. The point is that sometimes you have to get a bit creative to see the true potential. I don't know where you're from, but I live in Gilroy, and I'd be happy to grab lunch together sometime. I can share some of my experience to help you get started.

Hello Aaron, 

Try Jim Pillsbury
AAA Home inspections
408-839-2467

Can you please send me the details? I’m interested. 

 I appreciate the kind response, Jessica! Just something to keep in mind, this is still a proposed settlement, yet to be finalized and approved by the DOJ. So, things may change still. Wishing you  much success!!