All Forum Posts by: Jerry Poon

 yes please!

 @Joe Homs I appreciate the response. It would be the trust where parents place their homes in so that their kids don't get taxes upon inheritance of the trust. Wow that is a lot cheaper than I expected. Very good to know!

I have a SFH that I would like to place into a trust. How would I go about that? Do I have to reach out to a lawyer or something? Or what kind of professional would handle that?

Any recommendations on who to reach out to? Any recommendations on a Chinese-speaking professional who can handle that?

And what sort of fees should I expect to pay for this? Are there going to be tax repercussions, like the property being reassessed for property taxes or anything like that?

There is a property I manage with a couple of issues that require fixing. We are scheduling with the tenant on when the technician can go inside. If the tenant and I agree to a schedule, the technician shows up at the scheduled time, and no one lets in the technician, am I allowed to charge the tenant for this?

The technician will need to be paid either way, so if the tenant doesn't let him in, then I (or the owner) is on the hook for the cost. Therefore I want to protect the owner and I and pass on any charges incurred if the tenant doesn't oblige by the schedule. Is this allowed?

We have a lockbox where the technician can let himself in anyways, but this little thought exercise has me curious.

Nathan thanks for the input. I don’t know why I didn’t even think of the licensing part. Thanks for pointing me in the right direction!

How did you get started? What advice do you with you had when you were just starting and looking to scale up?

I have been investing in real estate for a few years now. I have an opportunity to manage a single family home if I want it. I think I know enough about real estate to be able to tackle this.

There are parts that I don't know (best software for very small portfolios, insurance if needed?, etc), and best practices that I would like input from seasoned pros.

I would like to know about those who started, how did you scale, and what are the most important lessons you wish you were taught before you started managing properties.

@Chris Seveney I appreciate the input!

A storm a month ago or so knocked half a tree down. The tree fell right next to a rental and the force took down an entire wall. The damage is about $15k.

I contacted our insurance and they are denying our claim, citing the following:
collapse, including any of the following conditions of property or any part of the property: (1) An abrupt falling down or caving in; (2) Loss of structural integrity, including separation of parts of the property or property in danger of falling down or caving in; or (3)Any cracking, bulging, sagging, bending, leaning, settling, shrinkage or expansion as such condition relates to (1) or (2) above

Their reasoning is that the tree didn't fall directly on the wall itself, and claim that the basement was faulty prior to the incident. We do not have pictures because the demo contractor was removing the tree at the dead of night in the storm.

How do I fight this? It is enraging that in a time of need the insurance company will do what they can do wiggle out of this. Why do I even pay them for the policy?

An attorney I am working with wants to write a letter to try and convince the insurance company on the basis of Efficient Proximate Cause. The attorney's fees for this are about $1k. I had my insurance agent reach out to the adjuster and he seems pretty dug in on his position. Is this letter worth the money to try and argue my case? I am worried that the insurance will just drag this out, demanding more $1k letters, possibly engineering studies, etc.

Any suggestions on what I should do?

 I love this. I appreciate the different perspective! Thank you for sending me down the right path. Those questions are ones I will need to really think over.

 Good way to think about it! I appreciate the input.