All Forum Posts by: Scott Trench

I'm hoping to get some advice applicable to house hackers for liabilities including insurance, legal protections, and limiting liability.

After listening to Podcast 109, I've become interested in Asset Protection and moving my assets out from under my own name.  That said, I think I'll have a lot of trouble separating myself from my own house - I live there!  My name is on everything - including the mortgage!

What are folks recommendations for reducing personal liability, purchasing liability insurance, and renting this place out without triggering a due on sale clause or similar?  What are the best strategies for house - hackers?

Thanks in advance!

@Ben Leybovich Slow clap..

@Ryan Dossey Who says I wasn't? ;)

** Of Jobs**

Having snagged your attention there, I'll rephrase:

How many of you out there have quit your jobs because of inspiration from BiggerPockets?

I know I'm one of them... though I was only a quitter for a few weeks ;) @Joshua Dorkin 

I'd love to hear some inspiring stories from everybody!

 HAHA!  Love it.

This is my personal favorite so far!  Thanks Ned!

Thanks for the awesome feedback everyone! As an update, I kind of grouped the responses into a couple of categories so we can see where the "AHA!" Moments come from (:

Some type of "Networking" moment - 18 of you

Some type of "Podcast" moment - 16 of you

Some type of other "Learning" Moment - 11 of you

Someone else's "Success Story" - 2 of you

"Teaching Others" - 2 of you

"My Friends hang out here" (or something like that) - @Ben Leybovich 

Even as someone who spends all day, every day thinking about BiggerPockets and constantly striving to make the community bigger and better, I still have a TON of trouble quickly explaining who and what we are to friends, family, and strangers.

BiggerPockets is so huge and has so much to offer to Real Estate Investors that it sometimes seems impossible to meaningfully describe our platform to an outsider within 30 seconds or so.  We have a network of investors large and small, awesome educational content like our Podcast, Blog, How-To Guides, and of course our incredible forums that have millions of posts - not to mention our books, tools, and the dozens of other resources that we have available.

Here's my challenge:

Can you meaningfully describe the BiggerPockets platform, and all that we are in less than 30 seconds?  How about in 10 words or less?  

I'm excited to see what we come up with.

Having just bought a HomePath property as a first time investor, I have to say that I think that your strategy is somewhat against the point of these rules.  The goal is to encourage homeownership and it sounds like you are deliberately going against the intent of the rules.

The first look program gives people like myself with no experience one advantage of just 30 days to analyze properties - and believe me that makes a difference - to get our feet wet before competing with more experienced investors on future properties.  You guys just move so much faster than first time investors.

Personally, I think you should either buy the place and live in it, or follow the rule as designed and wait your turn.  I think that decision is up to you, but you risk financial consequences, risk future opportunities, and at the end of the day you are gaming the system against first time homebuyers.

Welcome Drew!  Great to see so many more investors here in Denver!  Best of luck!