All Forum Posts by: DongHui Patel

Patricia, like you, I chose to educate myself. I learned a lot watching several of Coon's teachings on YouTube and I've also read the comments and appreciate each perspective. As for me personally, my investments are in single-family rental properties. Based on good legal counsel I did the following for each property; I set up a two-member LLC ($100 filing fee), Quitclaimed each property into the name of the LLC and recorded it with the county, applied for an IRS EIN for each LLC, set up a separate bank account in the name of the LLC, secured $1M liability insurance coverage and had the insurance company identify the LLC as the "primary" insured, hired a property management company identifying the LLC as the client, made sure rental contracts are in the name of the LLC and I file Form 1065 tax returns for each LLC. NOTHING is in my name of the name of the other LLC member. My assets strictly follow the legal structure for which LLC's were created (to limit the liability of its members). I'm 55 and throughout my life I've learned to consider risk assessment, and I've determined the structure I've carefully followed minimizes my liability and protects my assets. "Minimizes" being the key word, which is the same word Anderson uses on their website. It doesn't say "remove." Ultimately, the question I asked myself is this; if LLCs were set up to limit liability then why do I need to go with an additional Turn Key service facilitated by a third-party to accomplish the same thing, or what my attorney will do to protect my assets if challenged – as long as I set up the LLC correctly and made sure nothing is in my name by which the "veil can be pierced." I recommend this link for your review;

http://www.mlwfinancial.com/news/2016/9/26/rcxi1sz...

@Matthew McNeil Awesome post by the way - Can you share if you used any services from others or just did everything yourself? How did you verify everything was setup correctly?

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Quote from @Nicole Norton:

They are the worst!!

Can you elaborate?

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@Megan Bridgette @Ken Weiner @Kumar Paj @Nancy E. @Karen H.

Just looking for some advice on this - I am specifically looking at Anderson Advisors for their "TAX ADVANTAGE program" which includes review of 2 years returns, and preparation of upcoming year. Worried the actual service will be subpar.

@Wendy Stclair I am an investor in Long beach as well! Care to connect?

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@Ashish Acharya Can you expand on the comment for Anderson Advisors? I am lookign into them now.

1 Vote

Not to rehash this convo- but looking for a update 2 years later-

I am currently evaluating Anderson Business Advisors. My biggest concern is they will pawn you off to a junior (or not even licensed 'consultant' - or whatever they call them). Based on the feedback here- maybe this is right?

I am trying to sign up for the tax advantage program where they review last 2 years of tax returns and optimize.

Toby does a great job selling the firm and giving away free advice on Tax Tuesdays but after that I read on Yelp some reviews of not so stellar service, you get pawned off to a unlicensed employee and have to keep following up, reiterating your questions, and nobody cares.

Can anyone provide an update?

@Amy Harmon @Corey McKeon @Cameron Tope

2 Votes

@Justin Strait I am currently evaluating Anderson Business Advisors. My biggest concern is they will pawn you off to a junior (or not even licensed 'consultant' - or whatever they call them).

I am trying to sign up for the tax advantage program where they review last 2 years of tax returns and optimize.

@Justin Strait can you come back with some feedback? I am DM'ing you as well.

1 Vote

Open up the floor plan, the wall is between living room and family room.

The wall has a firebox fireplace in it.

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Orange County, California

Trying to move a wall - and I dont even know if its structural.

I was quoted some ungodly number of $18k for drawings etc for a single wall.

What exactly do I need here? How do I know whats involved?

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Orange County, California

Quote from @DongHui Patel:

Quote from @Brian Adams:

@Janice G. you may want to consider investing passively with an active syndicator to learn the ropes.

To name a few here on BP, @Joe Fairless, @Brian Burke @Tamiel Kenney @Jeff Greenberg @David Thompson and there are many others.

@Brian Adams I know this is an old post but the best advice

Does anyone know if there is a similar event that is held in CA (south CA)?

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Quote from @Joe Homs:

@DongHui Patel you will need to hire a skip tracing company to get homeowner numbers. I would not concentrate on LLC's since they are a more sophisticated seller and you would be wasting your time.

Good Investing...

@Joe Homs Can you name a few of the top skip tracking companies that you use? Or the tools that you use?

0 Votes

San Diego, California

All Forum Posts by: DongHui Patel

DongHui Patel has started 30 posts and replied 94 times.

Post: Anderson Business Advisors

Post: Anderson Business Advisors

Post: Anderson Business Advisors

Post: Anderson Business Advisors

Post: Anderson Business Advisors

Post: Anderson Business Advisors

Post: I dont know if I need an architect or civil engineer or both? -

Post: I dont know if I need an architect or civil engineer or both? -

Post: Del Walmsley/Brad Sumrok?

Post: Best tool to get owner and their contact info - and how to contac