Wilsonville, Oregon Real Estate Forum
Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes
Wilsonville, Oregon Real Estate Forum
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On the contrary, my investment approach for notes is NOT to acquire the property. Rather, I prefer the cash-flow from being the lienlord, rather than a landlord. My approach every time is to seek to find a resolution for the owner/borrower to retain ownership and remain in their home. With an NPN, there is flexibility in finding the right workout solution for the borrower, with an attempt to get them back on track to make payments. If not, we then go through the process of a Deed-in-Lieu or a full foreclosure, and then immediately re-market the house.
Enjoying the cash flow as the bank rather than as a landlord is my preference.
99 Replies
- Investor · Lake Oswego , OR · Member since 2015 · 81 posts · 33 votes8y
Hi-Anyone in this forum have a suggestion for a Portland Area CPA that is familiar with self directed IRA's? I have run into an issue with needing to have my self directed IRA investments certified by the current administrator IRA Services Trust Company. I have never needed this in the past. I made contact with one CPA who does this work and was a bit shocked by the fees, looking for someone local who might have a handle on this topic.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y@mark Gibbs on the IRA @Brian Eastman is our local expert..
- Investor · Lake Oswego , OR · Member since 2015 · 81 posts · 33 votes8y
Thanks Brian, Brian Eastman actually set up the self directed IRA and gave me the CPA referral. Looking for another option now.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8yMark Gibbs I have not used either of these two CPA’s but they have been referred a lot to me by other Portland real estate investors Van Beek in tigard... Dave Bookens you can talk with him And Dallas Bailey He is in lake Oswego and handles lots of real estate investors
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
I came across an interesting situation. It regards companies that offer turnkey solutions for investors. That is, investment properties that are already rehabbed, tenant-occupied, have property management in place, and producing cash flow. Sounds great right. But do they exist?
The reason of this is that I started to go down this path as a means to move on to other more affordable markets then where I live, but had zero connections in the area, and a partner with no investing experience, but who lived in the area I was going to invest in. Hence, the turnkey appeal.
I stumbled upon an turnkey company, conversation as going well, all until I started exercising regular prudent business judgment and started to vet the turnkey owner and what he was saying and asking if I can verify his numbers and talk to his property manager, as well as asked for prior customer reviews of clients who liked him, and preferable one who he had a problem with and how it was resolved.
Once I started doing my due diligence on him and his products and services his tone changed and turned to sleazy push back telling me how he does not need me or my money, does not need me in his portfolio, how he can pick up the phone and in one phone call sell any of his properties to his clients, and that he demanded my trust and no longer has to work for trust, that it should be given to him now automatically. No joke. This really was told to me. Probably big ego little ___.
Anyways, there are great articles written on BP about turnkey properties and how to do your due diligence and vet and verify all operation and all the numbers you are given. Do not take anything said to you at face value. If you get push back your spider sense should be going crazy and just walk away.
When working with turnkey operations. Still use your contingencies (Finance, Inspection). The property must appraise for the market value stated. Get Title insurance. Get your own review of the closing documents, DO NOT use their people. Get an agent or Attorney to review your closing documents.
Do your due diligence. Contact a real estate agent to run comps on the property and rental rates. Talk to property managers and get their rates and services, and compare their rental rates for that property with that of what you are being told and to your agent. NEVER take the turnkey providers work on rental income. Run your own numbers. Verify expenses, DO NOT rely on estimates. Look up taxes, get an actual insurance quote from insurance company, confirm with property managers their fees and services, and not just one. Conform if any HOA fees exist. Do not just blindly agree to use the property manager that comes wit the turnkey provider. Interview their property manager like anyone else. If they refuse to let you interview them like it happened to me, then walk away. Verify tenant status before purchasing and the lease terms. Ask for proof of renovations. Ask for outside references of investors who have worked with the turnkey provider and ask for records of seller success.
If your turnkey provider has any problem with this vetting and or pushes back on this because you are doing your due diligence and exercising good business decisions, then DO NOT go into business with them.
Good turnkey providers do exist. Just vet them.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8yGo talk to your REI CPA and attorney to see how the tax changes will effect your investing, current partnership agreements, future intended agreement and how you incorporate your company. Huge change is depreciation write-offs and partnership classification as active or passive. Possibly consider equity partnerships now rather then passive partnerships for a silent investor, and crest paper trail of engagement my investors.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8yJust was informed I was selected among America’s Top 100 High Stakes Litigators 2018. It’s an honor to be recognized. Thank you!
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8yhttp://pgecalculator.solarenergyexperts.org/ What are your thoughts on solar panels on resident houses in Portland? I’m seeing more and more go up on my neighbors houses.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
Hey all. I have not posted for a while. Been buys. But I was updating my website and thought this was worth sharing.
What’s your WHY?
This concept is so dynamic even for real estate investors. Where do you start? The starting point of anything you do in life or business is starting with why. Why do we do what we do? Why are we doing this? Why am I starting this business? You do not invest in real estate for profit; you do not start a business for profit. Profit is just the result. WHY you do this, why do you or your business exist?
For example, as an investor, I invest in real estate not for the profit, but because I want to generate enough passive income to spend time with my daughters, so that my wife does not need to work 12 hour night shifts, and to leave a legacy for my girls and my future grandchildren. The profit is just the result of my driving why.
My why for my Asset Protection Law Firm is because I strong believe that you deserve to keep what you earned and built. I believe that you should sleep well at night knowing you’re hard work and efforts are protected. My purpose is to reduce the fear associated with an out-of-control legal system set up on extracting assets through Legal Extortion Rackets by protecting your wealth from such attacks, while leaving you with both control and beneficial use of your assets.
The way I do this is by using the most state of the art and tested legal tools, strategies and methods that are simple to use, legal and that have been tested for over 20 years. These tools include the strategic use of domestic charging order protection (COP) entities in select jurisdictions as well as the revolutionary Bridge Trust ®.
Affiliating with Asset Protection Counsel - We just happen to be the best at it.
By establishing my personal and professional WHY I have created an overall structure that is easy for me to follow and analyzing what I am doing and how it fits into my Why. Check out Simon Sinek’s video. https://www.youtube.com/watch?v=u4ZoJKF_VuA
The same principle goes with Robert Kiyosak’s books. You must alter and change your mindset to actually see. You must change you and make profound decisions to be can investor. This starts with establishing your Why and deciding which side of the cash flow quadrant you want to be one, the left side as a employee or self employed individual still in the rat race, or the right side as an investor and business owner with systemic passive cash flow. How does this tie into Asset Protection? Once you open your eyes and try to move from the left to the right side of the quadrant, you then want to protect what you have.
- Aurora, OR · Member since 2018 · 39 posts · 8 votes8y
Hey,
I'm new in the sense of I've been researching and becoming more educated for the last 6months, but haven't done any deals yet.
My reason why is my family and my love of learning and then dominating. I have a 2-year-old daughter and an 8mo old son. I want to give them time, attention, and of course, a solid foundation of knowledge that I didn't have so they can build their own life and accomplish their goals. On top of that, I think to myself by the time they may or may not want to go to college my in-laws and my parents will probably be entering that point in there lives where they'll need additional care. I want to give back to them for all that they did for my Wife and me.
I'm having a hard time starting out, mostly because I have two concerns... Oregon supposedly not being a good place to invest and market cycle timing. Seems like we maybe are approaching the top of the market? Not knowledge-based other than the prices I see and how long it has been since the last contraction.
In either case, I'm looking to build my team and keep moving towards my goals. Glad that there are some good folks close to me as I'm just across the river in Aurora.
@Brian Bradley -I will want to talk with you further about asset protection and my situation as well because I want to make sure I get started in the best possible way.
@Jay Hinrichs - Thanks for constantly spitting great info. Hope to someday work with you in some capacity.
Also are you guys doing meetups in Wilsonville or close by. I really want to jump into this. I'm not a super social person but understand you can't build success alone.
Thank you.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
@Jay Krietzman thanks for writing. I will IM you about AP and we can talk in more detail about your situation and getting you set up correctly. To start out on the deal side and finding deals, start building a network of investment agents in areas you are interested in investing, vacationing or where just the market fits your metrics. Their are deals to be had in OR, they just are hard to find and hunt for, so you need to create agents to find them for you and send them to you. Thats part of the passiveness of it. Let agents do their job. Just vet them and check the numbers for yourself. But, don't be afraid of looking for properties out of OR. That is what I am doing. If you live in Oregon, CA, WA and other expensive states, you will find a lot better and affordable deals that will actually cash flow since that seems to be what you want. All you have to do is set up your system like any investor. as you grow you will be buying deals all over. @David Greene has a great book to read and podcast on setting up an out of state system. He had no choice living in SF and being a cop. You can manage your system with a great CRM system that @Ryan Mitchell can set you up with SalesForce for REI. Don't get analysis paralysis or feel stuck in just one market. Technology and the internet has made investing anywhere very easy. Deals and markets move just like people move for jobs etc. Just try to be a little ahead of the move.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jay Krietzman:
Hey,
I'm new in the sense of I've been researching and becoming more educated for the last 6months, but haven't done any deals yet.
My reason why is my family and my love of learning and then dominating. I have a 2-year-old daughter and an 8mo old son. I want to give them time, attention, and of course, a solid foundation of knowledge that I didn't have so they can build their own life and accomplish their goals. On top of that, I think to myself by the time they may or may not want to go to college my in-laws and my parents will probably be entering that point in there lives where they'll need additional care. I want to give back to them for all that they did for my Wife and me.
I'm having a hard time starting out, mostly because I have two concerns... Oregon supposedly not being a good place to invest and market cycle timing. Seems like we maybe are approaching the top of the market? Not knowledge-based other than the prices I see and how long it has been since the last contraction.
In either case, I'm looking to build my team and keep moving towards my goals. Glad that there are some good folks close to me as I'm just across the river in Aurora.
@Brian Bradley -I will want to talk with you further about asset protection and my situation as well because I want to make sure I get started in the best possible way.
@Jay Hinrichs - Thanks for constantly spitting great info. Hope to someday work with you in some capacity.
Also are you guys doing meetups in Wilsonville or close by. I really want to jump into this. I'm not a super social person but understand you can't build success alone.
Thank you.
I think the meetup that has the most value by far in our area is the Rarebird meetings once a month @mikeNuss runs it.. these guys are highly skilled in the real world of investing in our area.. the meetings have beginners to very experienced and you don't get up sold or anything like that..
The market has basically peaked for rents and appreciation.. which is a good thing its the natural cycle it will be fine to keep everything calm for a few years.. But you can make money in any market with value add.. rentals are rentals and are a VERY long game.
but look at smaller areas to pursue deals.. I bought a killer little place for instance in Barlow no one would go to Barlow so it was a nice little score.. keep an open mind..
For me personally I would not get hung up on creating a company and all that until you actually have something to protect.. you have plenty of time for that... Insurance will protect you in most instances.. so for most of us in the start up phase capital needs to be allocated where its going to do you the most good... and if you have no deals that's where I would allocate capital.. then once you have some deals under your belt and some real assets and net worth to protect then you can look at all the advanced vesting strategies.. at least that's kind of how I would approach it..
- Aurora, OR · Member since 2018 · 39 posts · 8 votes8y
Thanks guys, @Brian Bradley I have read David Greene's book about 3 times now. I think there are only one or two books published by BP that I haven't read. I also have read a ton of other books but that isn't that important.
@Jay Hinrichs - Thanks again. You've given me feedback a few times and I appreciate it. You are someone that I truly aspire to be like.
I'm in the phase of trying to build my business plan and teams and choosing a path to get to where I want to be. Did you guys know exactly what you wanted and had it from the beginning or did you just jump in and life's path took you where it did and you set goals once your feet were wet? I seem to keep struggling over "The plan" but keep thinking I should just jump in. What are your thoughts... "Keeping the end in mind" gets preached so much... and I think that I'm busy getting ready when I should be busy doing. If that makes sense.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jay Krietzman:
Thanks guys, @Brian Bradley I have read David Greene's book about 3 times now. I think there are only one or two books published by BP that I haven't read. I also have read a ton of other books but that isn't that important.
@Jay Hinrichs - Thanks again. You've given me feedback a few times and I appreciate it. You are someone that I truly aspire to be like.
I'm in the phase of trying to build my business plan and teams and choosing a path to get to where I want to be. Did you guys know exactly what you wanted and had it from the beginning or did you just jump in and life's path took you where it did and you set goals once your feet were wet? I seem to keep struggling over "The plan" but keep thinking I should just jump in. What are your thoughts... "Keeping the end in mind" gets preached so much... and I think that I'm busy getting ready when I should be busy doing. If that makes sense.
For me personally I got my RE license at 18 my brokers at 20 and never looked back.. I never bought a property other than my home to live in until I was probably 25 to 27... bought a lot of tax sales to flip but not an actual rental.. then I did not like it and sold them anyway.. I only like to flip.. I don't personally like to landlord.. I don't mind investing with syndicator but I don't like personally interacting with any type of tenant at all ever..
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
@Jay Krietzman I just jumped in and realized I can only read and plan so much and had to get my hands dirty and learn by doing and not being afraid to fail. Mike Tyson, everybody has a plan until you get punched in the face. You won't get punched until you actually start.
@Jay Hinrichs is right about Rarebirds over meetups. I find meetups not worth the time and only focus on their "guru". The one thing I don’t’ agree with Jay on is being ok with just insurance. Do insurance companies make money by paying out claims? NO. They make money by taking premiums payments and challenging or denying claims or only paying part claims. Be very careful with just insurance and read all the fine print. Insurance is a business to make money. Plain. You combine Insurance, with LLC with a Land Trust. You would be mortgaging your first property anyways for 5%-20% down and or with a partner, so a small part of your money can go to any business and getting set up right and correctly from the beginning. Most clients I represent in court or went after in court got sued and personally liable because they never set themselves up in the beginning and never went back to it, or went cheap to Legal Zoom and then it was way to late. So its a matter of properly budgeting and allocating your funds etc for your start up.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
@Jay Krietzman and you will need to think about what you want to invest in. Do you want to flip or spec, or rent? Flipping is to much work for me when I just wanted to invest passively and collect rents. I do not deal with any tenants and have my PM do all that. So think of your investing model. For example, I purchase MFH 2-4 units, then have a PM deal with it, cash flow recycle to get others, leverage those properties and refinance to get others and then invest in notes with self directed 401k for another passive bucket set up by @Brian Eastman @jay
@Jay Hinrichs and myself both invest, just with different strategies and from different backgrounds. I do flip on and off, but with my brother in law passively and let him do all the hands on management etc.
- Aurora, OR · Member since 2018 · 39 posts · 8 votes8y
So I'm not a people person. At least I don't feel like I am. And personally, don't like dealing with people other than like-minded individuals or close fam/friends. But I like the idea of having passive cash flow and appreciation. Jay, I noticed you have a 90 lot project in Canby from another post and developing sounds fun to me but sounds like more mid to end game versus just starting out. Some quick background I've been a big video gamer the majority of my life... Sim City, Starcraft, anything where there is a decent amount of resource management is involved. Never graduated HS nor went to college. Learned by self education and reading/listening to experts of what I needed to know. I've also been in an operations management type role for the majority of my life. Started in restaurants and now am the Operations Manager for the largest private Jan/San company in the NW. I'm not going to lie I want a mammoth real estate business. I have very big ambitions I just don't know what they are clearly yet, but I know because I feel it in my soul that it is in the real estate industry. Honestly, the buy and hold seems to be a good path for a massive accumulation of wealth. But I figured I'd just start analyzing everything and if would make a good rental then I'd buy and hold or BRRR. If not I'd flip or wholesale. But then people say you should focus on one strategy and get good at it and that makes me feel like maybe my goal of handling all those basic SFR type deals isn't realistic. I just feel like I am trying to avoid possible missteps in starting out (because my money is coming from an investor) but like the rest of my life, I have learned by making mistakes. Is uncertainty normal when trying to figure out what my "End in mind" is? I just want a thriving successful real estate business that I can eventually hand off to my kids while having my kids apart of building it, not working for anyone but myself and those in my eventual mastermind group, and spending as much time as I can with my family and friends. My apologies I'm just kinda dumping my thoughts out because I don't really have much of an outlet to share my thoughts because everyone in my circle beside my parents thinks I'm crazy and this is a "pipe dream"... another item on my to-do list is finding friends aligned with my goals/passion. Lol.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Brian Bradley:
@Jay Krietzman I just jumped in and realized I can only read and plan so much and had to get my hands dirty and learn by doing and not being afraid to fail. Mike Tyson, everybody has a plan until you get punched in the face. You won't get punched until you actually start.
@Jay Hinrichs is right about Rarebirds over meetups. I find meetups not worth the time and only focus on their "guru". The one thing I don’t’ agree with Jay on is being ok with just insurance. Do insurance companies make money by paying out claims? NO. They make money by taking premiums payments and challenging or denying claims or only paying part claims. Be very careful with just insurance and read all the fine print. Insurance is a business to make money. Plain. You combine Insurance, with LLC with a Land Trust. You would be mortgaging your first property anyways for 5%-20% down and or with a partner, so a small part of your money can go to any business and getting set up right and correctly from the beginning. Most clients I represent in court or went after in court got sued and personally liable because they never set themselves up in the beginning and never went back to it, or went cheap to Legal Zoom and then it was way to late. So its a matter of properly budgeting and allocating your funds etc for your start up.
Fair enough... Brian but if these folks use all their liquid capital to set up entities and have no money to invest with or market were does that get them.. there has to be some coordination.. and no one is going to sue someone who has little to no money.. we know that.. or if they do its pretty foolish and that's what the BK laws are for.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Jay Krietzman:
So I'm not a people person. At least I don't feel like I am. And personally, don't like dealing with people other than like-minded individuals or close fam/friends. But I like the idea of having passive cash flow and appreciation. Jay, I noticed you have a 90 lot project in Canby from another post and developing sounds fun to me but sounds like more mid to end game versus just starting out. Some quick background I've been a big video gamer the majority of my life... Sim City, Starcraft, anything where there is a decent amount of resource management is involved. Never graduated HS nor went to college. Learned by self education and reading/listening to experts of what I needed to know. I've also been in an operations management type role for the majority of my life. Started in restaurants and now am the Operations Manager for the largest private Jan/San company in the NW. I'm not going to lie I want a mammoth real estate business. I have very big ambitions I just don't know what they are clearly yet, but I know because I feel it in my soul that it is in the real estate industry. Honestly, the buy and hold seems to be a good path for a massive accumulation of wealth. But I figured I'd just start analyzing everything and if would make a good rental then I'd buy and hold or BRRR. If not I'd flip or wholesale. But then people say you should focus on one strategy and get good at it and that makes me feel like maybe my goal of handling all those basic SFR type deals isn't realistic. I just feel like I am trying to avoid possible missteps in starting out (because my money is coming from an investor) but like the rest of my life, I have learned by making mistakes. Is uncertainty normal when trying to figure out what my "End in mind" is? I just want a thriving successful real estate business that I can eventually hand off to my kids while having my kids apart of building it, not working for anyone but myself and those in my eventual mastermind group, and spending as much time as I can with my family and friends. My apologies I'm just kinda dumping my thoughts out because I don't really have much of an outlet to share my thoughts because everyone in my circle beside my parents thinks I'm crazy and this is a "pipe dream"... another item on my to-do list is finding friends aligned with my goals/passion. Lol.
if you want rental property you don't need to listen to all those PEOPLE just go buy one.. its not that complicated.. just make sure you totally vette the tenant .. even in ORegon and especially semi rural Oregon.. you have to be careful..
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
@Jay Krietzman its not a matter of finding one strategy and being good at it. Its a matter of knowing a lot of strategies and increasing your financial IQ to find deals where they are and know different methods and strategies. You will end up starting out with one obviously, but who knows where it will lead you or what deals in the future will lead you. Start with what you find passionate in REI first since its easy to drive a passion, and then let it grow. Listen to Jay's podcast. He is not a one trick pony. He it all. So will you eventually if you stay in the game. just like I am growing. I like long holds and rentals, but now do flips, and am starting to branch into spec developing. But it all starts with the first deal, learning, staying in it, and aways learning more ways to invest and manage/invest money and use leverage to grow.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
@Jay Hinrichs starting an LLC does not take all their liquid cash. New investors will be getting loans. $2,000 for an LLC and Trust will not stop them from getting the deal done and closed. The coordination is just budgeting their money and yes getting a deal, but then if you own something you are a target and a contingency lawyer will sue you to get the plaintiff's money and take your property and force a sell for the judgment.
Thats the problem with the modern legal system letting anybody file anything and Attorney's now taking cases on contingency. Nothing to loose for predatory lawsuits. Slip and fall, trip over a root whatever, the dumbest things people sue over and now you have a negligence suit to fight. And BK follows you for years and will stop a new investor dead in their tracts. $180k investment properties are easy to find and at 5-20% down that 9-36k. Most will partner with somebody on their first deal. So 2.5k-10k, they can then use that 2k in the saving to get set up properly and know they have something to limit their liability so they sleep better and not be in fear. At the end of the day its an ease of mind thing.
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
But yea, they have to coordinate, budget and set their own priorities of importance. Plus, you get better tax benefits being a LLC and lower tax rate and more tax incentives and write offs. So they will then be more money in their pockets annually. If you are not incorporated then you are being double taxed and at a higher rate.
- Aurora, OR · Member since 2018 · 39 posts · 8 votes8y
I figure with having to get my GC and Developers license, and I'm not sure yet but possibly my Real Estate Agent/Broker and then the cost of acquiring properties the added legal protections would be good to have. Obviously, you just work it as part of the #'s and as long as you're accounting for everything if the numbers work they work. I'm just not clear as to what those #'s are. @Brian Bradley do you have your agents/brokers license? @Jay Hinrichs do you think I need one to be succesful?
- Attorney · Wilsonville, OR · Member since 2017 · 504 posts · 411 votes8y
@Jay Krietzman yes I also have my brokers license, but I use it passively. I don't show properties etc. I was just leaving passive money on the table without it. So I got it. I personally don't think its needed to be successful. Tons of investors are not brokers but have other jobs and life's. they just invest. If your goal is to develop then maybe depending on your business plan. If you plan to develop and sell yourself and save on commissions.
- 8yJay HinrichsBusiness MemberReal Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
Originally posted by @Brian Bradley:
@Jay Hinrichs starting an LLC does not take all their liquid cash. New investors will be getting loans. $2,000 for an LLC and Trust will not stop them from getting the deal done and closed. The coordination is just budgeting their money and yes getting a deal, but then if you own something you are a target and a contingency lawyer will sue you to get the plaintiff's money and take your property and force a sell for the judgment.
Thats the problem with the modern legal system letting anybody file anything and Attorney's now taking cases on contingency. Nothing to loose for predatory lawsuits. Slip and fall, trip over a root whatever, the dumbest things people sue over and now you have a negligence suit to fight. And BK follows you for years and will stop a new investor dead in their tracts. $180k investment properties are easy to find and at 5-20% down that 9-36k. Most will partner with somebody on their first deal. So 2.5k-10k, they can then use that 2k in the saving to get set up properly and know they have something to limit their liability so they sleep better and not be in fear. At the end of the day its an ease of mind thing.
Brian I get it totally.. I have 12 LLC's or more.. and all other manner of licenses etc etc.. and in Oregon I now have 3 developers licenses and counting.. I let my brokers license to on Ice since my wife handles all our properties.. I don't really need it .. I keep my CA one going though for business I do there.. and referral income.. My mortgage banker license is on Ice.. but if I get back into that I can fire it back up.. we just get licensed to death these days..
However I will say and as someone who has been in a few transactions over the years.. if you do get sued I don't care what the set up is your going to get named personally.. now to defend that you should not be sued is going to cost you a bunch as you know..
End of the day I have never had a lawyer take a case in anything I was involved with on contingency though.. but I have not been in any cases that were related to injuries were there might have been insurance.. just business contract disputes.. were we all pay for our own and they all get settled.
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