Doing it as a owner-builder gave plenty of practical experience in managing a non-trivial construction process.Last year, we acquired one more condo in the neighborhood and have been gaining experience with land-lording as well.My background is in Computer Science and have been working full time as Software Engineer for about 20 years.I am interested in networking with fellow investors/tradesmen, especially who are active in our area (Culver City/West Los Angeles).Thanks and wish you all a very happy new year.Coty

Your odds of getting rich quick would probably be better in writing some fantastic software program, that takes knowledge too.

If you're using traditional financing the bank won't allow you to assign the liability to an LLC since they need to be able to come after your assets should you default.Simply put you can't guarentee a loan with your assets and income and then transfer that responsibility to an LLC (abdicating yourself of responsibility).

What are the pros and cons of recording a mortgage on a free and clear property for asset protection.

If you have some assets you can look at loans with that as collateral.

Secondly, you must qualify for HAFA, as far as hardship, cash/assets on hand, etc.

To investors with poor personal credit the most important financing criteria is loans based on the asset itself rather than credit; these investors are candidates for so called hard money loans.

The DFE requires that it either be your own cash, an unsecured loan or a lien against another asset of yours.

As the insurance also covers my non-rental assets, do I need to split the cost of the premium for book keeping purposes?

I'm currently a software developer at a large talent agency in Century City, LA but me and my wife are both licensed agents with some investment experience.