Hi, here to solve our Cali property problem & not get screwed!

[Ann North]

Hello! I'm new here. We became accidental landlords when my husband was laid off and we had to move out of state for a new job. Then I had to learn things I never thought I'd have to learn. My husband works all the time and I am *not* a numbers person at all! I am artsy and was an English Lit major. I am super intimidated by all of it. I consider myself an entrepreneur. I successfully started a mom blog and interviewed celebrities etc. Life handed me a truckload of lemons and I am trying really hard to make lemonade. When I read BiggerPockets it literally feels more foreign to me than French. It's also difficult because I come from a middle-class family who only know "by the book" and don't know how to take risks. I'm very outside the box and creative but I really need to understand the numbers. I need to find a solution to a property problem in California too. It's a gorgeous place, newly built in 2016 with tenants moving out. It's a long story. Again, I'm learning.

Y'all are too impressive. It just boggles my mind the knowledge floating around here and I literally don't understand ANY of it. Also, in our area of SoCal realtors have been horrible! It's been absolutely eye opening and shocking to me and I know a bit about real estate because it was in my family. I mean horrible -- they have literally lied and cheated. I've had to cancel 2 listing agreements for things like after 3 weeks our listing realtor couldn't even put a sign in our yard! It's been crazy, time-consuming, and stressful. Then they try to hold you hostage to listing agreements but it didn't work on me! ;)

Any advice on where to start around here appreciated. I am trying to figure out a solution to our property problem right now.

I am always reminding myself to develop my inner shark. I am not like stupid-trusting but when you don't drill down to numbers details -- which isn't my forte -- you get screwed. So I am here to learn how *not* to get screwed!!!!

Hi!

[Brett Goldsmith]

@Ann North I can help get you answers to your questions. Sent you a PM. Putting a home in a LLC would only reduce liabilities if you were to get sued or to reduce personal liabilities related to the property unrelated to the debt on the home. Your potential tax implications and credit impact should remain the same as you are the borrower on the loan. Credit impact and tax implications related to the debt are typically reserved to borrowers on the note, not the owner of the property.