| Day 105, in the event of this catastrophe fire loss.... |
2010-09-27 22:35:12 |
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Day 105, in the event of this catastrophe fire loss....
finally, the truss is set, roof will be done tomorrow.
electrician and plumber will start later this week, we should be complete the mechanical phase with 4 weeks.
getting a bid for insulation and siding now.
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| So you want to be a landlord? 法律篇 Sept 2010 update. |
2010-09-26 15:49:40 |
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So you want to be a landlord? 法律篇 Sept 2010 update.
haha, the basic course of landlord101 is eviction, so here is what you going to get as a landlord..
currently Under Eviction 1
waiting on judgment on back rent/damage 2
pursuing collection 15
paying or under garnishment 7
civil warrant ( dead beats, hopefully policy will pick the up for up to 6 month jail time ) 6
Case dismissed due to serviceable address 1
Case dismissed due to death 1
Case dismissed due to bankruptcy 2
Case paid or settled 34
Eviction count by year
10 7 out of 94 Units (so far)
09 9 out of 94 Units
08 8 out of 93 units
07 9 out of 78 units
06 8 out of 72 units
05 3 out of 28 units
04 4 out of 16 units |
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| few of the Pros and Cons of Multi Family Units... |
2010-09-25 18:38:43 |
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haha, MFU complex has its goods and bads, I usually don't recommend beginner jump in a big complex without any prior experiences, one should start with SFH in decent condition, I personally did not own any MFUs till I had over 20+ SFHs, but to reach a greater scale, eventually you have to look into commercial MFUs..
here are few of the pros and cons I can think of..
Pros
1. cash flow can be very good compare to SFH, due to lower per unit cost.
2. per door maintenance is much less since they all in one location.
3. centralized office means less traveling for you or handy man.
4. Insurance cost also cheaper compare to SFH.
5. similar floor plan, similar setup, easier to manage.
Cons.
1. Higher vacancy rate due to centralized location, aka, neighbors.
2. higher cost of leverage, shorter term loan.
3. commercial loan is harder to get, or maybe near almost impossible.
4. lower quality tenants, more younger generations.
5. owner usually has to pay basic utilities as water, sewer, and trash pickup. |
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| the incomplete idiot's guide to Living Trust |
2010-09-17 08:56:55 |
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本贴内容已被 [jy101] 在 2010-09-17 08:38:20 编辑过。如有问题，请报告版主或论坛管理删除.
1. the advantage of living trust is preventing your assets going into court probation, which is a long and costly process.
your estate tax is base on your net worth, has nothing to do with setting up a trust. by setup a trust does not gain tax benefit, what you owe in death tax, you still owe, but you can prolong that tax till the second member die while your heirs can still receive a portion of your hard earn money.
there are many type of trust, each fit a special purpose needed, most frequently used is call A-B trust, where A is survivor, B is family, when one spouse die, assets at that time will divided in 2 parts, you can fund the B trust up to deceased spouse's federal estate tax exemption, and the remaining in A, which mean you don't need pay any estate tax at this time, but still able to pass thru portion of your assets to your heirs.
now, when you die, A trust then must distributed at the time, and pay the estate tax base on the asset in A.
you can direct how the asset is distributed, to whom, when or at what age.
if your net worth is XX mil, you should also consider A_B_C trust, where C can be just a life insurance policy on you, own by the trust and the face value can offsets the estate tax in A.
if your net worth is over XXXXX mil, then you should consider a charitable trust, where assets within goes to charity instead of going to IRS.
haha..
2. there is not much you can do to reduce the power of a trustee, when you name the trustee, you naming someone act for you, what you can do is to can name someone to audit the trustee's activities, if the trustee fail to perform or lie or steal, your heirs can file suit to release him from the trustee post, which is a painful process.
that is why I said the hardest part is to find someone you trust, I named my brother to oversee my kids, just because I am more close to my brother than the rest of my family..
3. you set of trust papers should include more than just the trust itself, you need an assignment agreement to assign all your personal affects, you should also appoint a durable general power of attorney before you lay in the hospitable, a medical power of attorney to decide you live or die, and you still need a living will for your own wish if you a vegetable, and lastly, your last will, tells your heirs what you want to with anything you left outside of your trust..
haha, now send me $500 for my time....
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| haha, benefits of eviction........ |
2010-09-10 07:56:19 |
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1. you feel good that the law is finally on your side..
2. you feel even better that you can lawfully kick someone's ass.
3. and the high point of the whole process will be when you have the sheriff help thru all the tenant stuff out on street.
4. the side benefit is you will get a judgment.
5. the judgment will show up in their credit report.
6. they can't sell any real estate unless they pay you first, of course that day may never come.
7. and you may get to visit them in jail if you push the case all the way to the end..
haha.
but yes, you will lost couple months of rent, but compare the all the excitements you getter for free, it is well worth it...
haha..
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| Day 85, in the event of this catastrophe fire loss.... |
2010-09-08 17:46:12 |
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Day 85, in the event of this catastrophe fire loss....
After 11 45 yard hoppers, demolition completed, Framing started yesterday, truss ordered, expecting to set truss in 2 weeks.
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| business and personal umbrella policy... |
2010-09-02 13:17:05 |
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first of all, I am not any type of agent or broker, so don't quote me, just from what I understand...
personal umbrella usually can be extended from your primary home insurance, which covers personal liability such as injury from home, automobile and you can also extend this coverage to properties you own personally.
but if you want a policy that covers LLC, partnership, trust, corp or any other type of entity, you need to look into business umbrella.
business umbrella is little bit higher, but not by much.
my business umbrella cost $1000 for the first million, which covers 54 rental units.
my personal umbrella cost $488 for the first million, which is sits behind my business umbrella coverage. |
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| almost own a modified mustang 5.0 today... |
2010-09-01 14:31:40 |
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haha, went to see this tenant today, he is a auto machanic, selling this red Mustang 1990 LX, modified engine, 8000 rpm...
so I told him, I take the car for 2 month of rent, which is about $3300, and I be back in half hour to pick it up.....
I went back with my mechanic in 20 mins, he sold it for 4 grand cash...
haha, I had a mustang and a thurnderbird in earlier years, then married and have kids, drive a minivan...haha. |
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