All Forum Posts by: Eugenio G.

FHA loans are generally assumable. Talk to your agent and loan officer.

@Roy - talk to tax advisor about incorporating. The entity may need to pay corp taxes but you may be protected until dividends are withdrawn. 

Thank you, both. I’ll reach out with details. 

I’m the co-trustee of a family trust that holds a single family rental and my father’s primary. Both are paid in full. I’m planning to get a loan from the rental ($400-500K) as seed to our next purchase.

Title is held by the 3 trustees. I’m currently applying for the loan based on my income, credit score, etc and the trust’s assets.

What are some of the pitfalls I need to consider when financing within a trust?

Trust and property are in California.

Thanks in advance!

New to the forum but happy to read about Boulder Creek investors. Just closed on a property today. And we are in sync completely with the idea of niche market - mountain vibes and maintaining a local attitude while rebuilding properties that have significant deferred maintenance. 

By the way, Is there an investment group that meets in the SLV or Santa Cruz area? 

We are closing on an SFH / Mountain Cottage with a steep dirt slope access to a creek from an old landing point.

We are considering building out stairs down to the creek to reduce the risk of falling down the slope. I'm concerned this might actually increase liability.

The property is in California and I understand that the attractive nuisance doctrine no longer applies and that I now have a general duty to keep their property in a reasonably safe condition. We think that building out steps with a handrail does this. I'm not looking for legal advice, but would like to hear from other's experience and thoughts? Are we missing anything? What else should we consider?   

 Hi Aaron - Thanks ! And happy to talk to another co-founder. 

I appreciate the effort to clarify and support your clients. Here is some information that may help you smooth out the last steps for new acquisitions and loan officers that may not yet know your services. The carrier name listed in your quote wasn't the final carrier and didn't come up in an AMB rating search. I now understand that this intermediate has another carrier for the insurance that was proposed to me (Spinnaker (? unconfirmed) - AMB rating A-, Excellent). But I only found out this information after we had decided to go with a different insurer. 

Had this information been readily available in the quote (maybe using an AMB number) or on your website or during my two chat attempts or when my agent and her processor tried to call - most likely we would have gone with your services.

I understand that recent events in the insurance field in CA have left everyone running around and closings right now are quite the mess - definitely an opportunity!

I'll definitely look you up on our next property. Your quote process was almost perfect!

Decided to try to use Obie on a new acquisition because my traditional insurance doesn’t do new policies in California and the insurance agent recommended by my loan officer just wasn’t working fast enough (CA Fair Plan seems to be at fault) to meet our closing calendar. 
The quoting process was incredibly easy but I needed to know the details of the actual carrier and the rating to get it approved by the loan company. Several hours of work to reach out to Obie’s agent and zero answer from the phone or emails left us unable to confirm the information requested. 

It’s a shame but I had to go with a different insurance platform.