All Forum Posts by: Ken Weiner

@Yuriy Tymoshenko their website for CA says the fee will be avoided if you: "Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts". Check the policy for your state.

 Yes I am using accounts of type Business Fundamentals Checking from Bank of America.  They don't charge me a monthly fee, though.  It is waived because I maintain enough of a balance across my accounts.

Honestly, I haven't done anything yet. I continue to get conflicting advice about asset protection from friends and attorneys I have initial consultations with. I already have one LLC that owns a couple properties. I will likely transfer title of additional properties to this LLC.

I selected Wave and I've been using it for bookkeeping of several investment properties. I currently have a bank account for each property and I set up one "Business" in Wave for each property. I created income and expense categories that match what gets reported on a Schedule E. Wave works very well for a free (ad-supported) tool. It usually contains a single 160x600 ad banner per page. The page load times are a little slow which is one of my few complaints.

I maintain a seperate checking account for each property at one bank. I also open an additional checking account where I put money to use as the down payment on the next property I haven't purchased yet. When I buy the next property, this account becomes that property's account and I again open a new "Next property" account. This works fine, but I have under 10 properties. I am wondering if this way of doing things is scalable to more than 10. 

I have been struggling with the same thing.  I read the Clint Coons book (Asset Protection for Real Estate Investors) and then spoke with someone at Anderson Advisors who pretty much recommended a strategy in line with what is promoted in the book (land trusts, LLCs, and Nevada holding LLC). I wanted to speak with people that have used the firm, but they wouldn't provide references due to client confidentiality. I sought out to find my own references, but wasn't able to find any (even after posting here on Bigger Pockets).

For the time being, I'm sticking with a simpler approach of having a good Umbrella insurance policy and one LLC holding the few properties that I own.

Would love to hear what you end up doing, @Jessica S.

I'm interested in talking to anyone that has hired Anderson Business Advisors for help with asset protection strategies.  This is the firm founded by author Clint Coons who wrote Asset Protection for Real Estate Investors.

I'd like to hear about your experiences, good or bad.  I am considering having them help with the creation of LLCs and land trusts for my buy-and-hold investment properties. They were not able to provide references due to client confidentiality.  

 Thanks.  I bought a 2-unit on Venice Blvd near Sawtelle.  One of the cheapest multi-units on the west side at the time I bought in 2010.

Hello, I have just joined the site after listening for a while to the BP podcast. I started REI in 2002 and have since purchased 2 investment properties, one in Inglewood, CA and another in the Mar Vista neighborhood of Los Angeles. I'm now looking to buy a 3rd, but I'm not yet sure where I want to buy. I'm open to some markets outside of CA, but preferably in the western part of the US. I'd be interested in connecting with people that have purchased out of state in places like Boise, ID or Portland, OR. My goal is to buy and hold and generate passive income.