All Forum Posts by: Caleb Vislisel

I’ve been happy with Smart Asset Property Management so far.

Hi,

I'm looking for an opinion from those who have tried to create an efficient and optimized legal structure. I have a 3 unit house hack in CA, and talked to a company about how to protect it in case of a lawsuit. I was recommended to create a WY LLC, then put the property in a real estate trust, and hold the trust in the LLC. Then I also foreign filed the WY LLC in CA. I was told this would give me maximum legal protection.

Does this sound right, or does it seem redundant? Word seems to be conflicting out there on if using the WY LLC actually protects me better than if I just had a CA LLC. Since the WY LLC is foreign filed in CA, I'm not sure if I would be protected by WY court system, or if CA would be able to overrule that.

Again I’m not looking only for qualified legal advice, I just want to learn more and better understand if this plan makes sense, or if I was being told all this just so the company can make more money as a Registered Agent.

Thank you for the response @Jim Pellerin

Is it necessary to get this joint venture drafted by an attorney, or would it be sufficient to just fill in the blanks on a template? 

Hey BP! 

Got a question for those of you who may have done a 50/50 partnership on a rental property. My partner and I are looking to split all the costs of a turnkey rental equally. 

The loan will be in my name. She is sending me half of the down payment so that I can season it in my account before I apply.

How can we make sure she is protected in this deal? She trusts me completely to make all the decisions now and in the future, but I want some sort of partnership agreement in place, just in case I were to die or something next month and her money was still sitting in my account. 

Do we need some sort of lengthy document drafted? Will it be sufficient to draw her up a receipt for her funds and then put her name on the title?

Thanks for any guidance on this!