All Forum Posts by: Jack B.

Thank you for making your first post such an insightful one. I realllly appreciate it. Looking forward to meeting up sometime if I end up moving there. I'll be there visiting very soon.

Because this is the most recommended option I see in my research, it's a tactic in damn near every article on asset protection. Wyoming IR Trusts. 

 What's to prevent the trustee that is third party from stealing the money?

I replied to your PM, let's talk. I'm looking to move forward with a decision on this soon. If you have other options, I'm open to hear them.

Key things for me are:

1) Preventing the trust assets from being lost to a lawsuit

2) Preventing anyone who oversees the trust from stealing the money.

3) Being able to buy investments with money from the trust. Such as rentals (mortgaged ideally), stocks, etc.

I've read about land trusts, but they don't work with a mortgage with most lenders from what I've read. And they largely rely on anonymity to protect you. Not bullet proof enough.

 You are apparently really ignorant. What exactly do you think the point of this thread is Genius? It's to find out the facts vs what the attorney I met with told me. Where did I self acknowledge ignorance? I specifically corrected the guy above who made claims that were entirely untrue. Each and every one of his claims. Somehow that means I'm not only ignorant, but self acknowledging I'm ignorant. What a joke. Go away troll. You add literally nothing to this thread and your very existence is a waste of time.

This is the rare, sensible advice you find on BP. I wrote it all on paper the other day and ran through it with my gf. Told her the exact same thing. Before I liquidate here or begin buying elsewhere, I need to MOVE first. Try that place out for size, maybe buy one rental, see how I like it THERE, THEN decide about selling here and buying more there. 

Phil Pustejovsky (sp) moved from TN to FL and did the same thing. He feels it's best to be near your properties where you can drive by them to see what's going on. I agree. I've read horror stories about PM's not doing jack and HO's driving by for a visit on a surprise trip and the place is trashed.

 Agreed. I'd be looking to move to the Tampa area. I'm making my second trip there in a year soon to look at houses. Property taxes in Tampa are higher, but the appreciation is good. Lutz, just north of Tampa has good prices and rents, lower taxes but less appreciation of course.

Would love to connect and strategize. I'll message you on here to exchange info.

 I can tell you didn't actually read my post because I specifically noted I'm sitting on a lot of cash from recent cash out refinances. All you did is plug your software that this thread is NOTHING about. This forum has really become a joke of people peddling their software, realtor services or whatever other garbage rather than interacting on the topics posted...

I've done a few 1031 exchanges. I'm considering doing 2 more. Two of my rentals are becoming vacant in 1 and 2 months. They are my lowest performing properties appreciation wise, pretty good rent increases though. I'm considering selling them and repurchasing here in the greater Seattle area (not IN the city though) or out of state such as Tampa.

They are NOT currently located in Seattle, just outside in the burbs. Here I get better MUCH appreciation. In Florida I get more landlord friendly laws and I want to relocate there anyways. That said, I just cash out refinanced 4 of my rentals and am sitting on cash. I wanted to buy more but have not decided whether here or in Florida, and whether I want to move to Florida. Previously I had decided that I would keep properties here due to appreciation. Adding a property manager layer is expensive but helps asset protection wise. Here is a far higher return appreciation and cash flow wise. Another reason I have not bought NEW properties yet is because I'm waiting to see what the market looks like when forbearance ends and foreclosures begin...

So what to do?

A) Keep renting the properties out at a higher rent? (Rent went up a lot recently).

B) Sell and buy a higher performing property with each via 1031?

C) Sell and buy in Florida where I MAY want to move? Going on a trip there again soon to evaluate further...

D) What else?

Of course I'm still sitting on cash I had before the cash out refinances, not to mention cash from the refinances...waiting for 1) a small dip and 2) making up my mind about here or Florida.

I'm leaning to here, as I can make more money here NOW and am not decided on Florida and unlikely to move within 2 years. Even once I move I may keep the properties here at least temporarily to make sure Florida was not a mistake. Even then, I may keep them here for the better appreciation.

Thoughts?

I've done a few 1031 exchanges. I'm considering doing 2 more. Two of my rentals are becoming vacant in 1 and 2 months. They are my lowest performing properties appreciation wise, pretty good rent increases though. I'm considering selling them and repurchasing here in the greater Seattle area (not IN the city though) or out of state such as Tampa. 

They are NOT currently located in Seattle, just outside in the burbs. Here I get better MUCH appreciation and lower property taxes. In Florida I get more landlord friendly laws and I want to relocate there anyways. That said, I just cash out refinanced 4 of my rentals and am sitting on cash. I wanted to buy more but have not decided whether here or in Florida, and whether I want to move to Florida. Previously I had decided that I would keep properties here due to appreciation. Adding a property manager layer is expensive but helps asset protection wise. Here is a far higher return appreciation and cash flow wise. Another reason I have not bought NEW properties yet is because I'm waiting to see what the market looks like when forbearance ends and foreclosures begin...

So what to do?

A) Keep renting the properties out at a higher rent? (Rent went up a lot recently).

B) Sell and buy a higher performing property with each via 1031?

C) Sell and buy in Florida where I MAY want to move? Going on a trip there again soon to evaluate further...

D) What else?

 I didn't say I didn't talk to one, in fact I did. I'm verifying what he told me. And the information you gave is almost entirely inaccurate. Your board of directors can approve distributions you apply for. So yes, you can take money back out. You can also name yourself as a beneficiary, so again, you are incorrect.

Last but not least, irrevocable trusts can't be revoked, that's true....but they are amendable...

Last but not least, they attorneys who oversee the trust have access to the assets. It's actually rather common for them to steal trust funds https://rmolawyers.com/family-...

Do you actually know anything about these things? Seems like I have a better understanding of what lawyers do and how these work than you do...not sure why you felt the need to post inaccurate information on a topic you clearly know NOTHING about.

 Educate yourself....some attorneys have been charged with stealing well over 100 million in real estate transactions related to 1031 exchanges alone....

https://www.justice.gov/opa/pr...

And it's rather common for attorneys to steal trust assets. 

https://rmolawyers.com/family-...

Ignorance will result in your money being lost if you think all attorneys are to be trusted. Show a little more sophistication.