All Forum Posts by: Marcos De la Cruz

Beware of Rent to Retirement and their tactics.

They do not follow through with their commitments, totally mistreat their clients, provide misinformation, and take no responsibility for their actions, or the actuons of their employees.

We lost deals because of their team members not happy with client actions, they failed to divulge pertinent and legally required information, causing delays, very unprofessional.

After which, promises to resolve and terminate the team member that was disrespectful as well as refusing to divulge financial expectations, that could possibly cause further financial losses, and they elected to keep the employee, amd ditch the client. Prior to ditching the client, made promises to remedy by terminating and transferring a deal, that was never transferred, juat to get the client to remove a BBB complaint. They attempted to force and NDA to prevent the client from being able to share experiences, when refused, they tried on multiple times to express that they were losing money because the BBB complaint, never recognizing or accepting that the problem was the cause of their employee, and rather than fulfill their promises, they spent their efforts shifting blame to the client for taking actions, instead of taking action internally with the employee for putting them on the position of losing money, totally ignoring the losses the client was experiencing due to their false promises and failed promises, and intentional inflection of harm. The employee confirmed the order for a purchase was sat on, and in doing so, allowed a deal to move to another buyer, sat on the deal request for 2+ hours, and the deal was snatched up 1.5 hours after, because it was not locked in as requested in writing. I would suggest not working with them, as your likely to deal with the same or similar issues, especially since they allowed the employee to remain and seemingly without any reprimand, and certainly no restitution to the client for the losses caused by Rent To Retirement, and their horrible business practices, and lack of commitment to their clients.

Hope this helps you determine whether to work with them.

Also, o would say, do a search for their name, amd you will find over 100 complaints, I found more, amd in many locations, as well, they have BBB Complaints, and Business license complaints.

Good luck with whatever you do.

In 2016, there were two Chief Counsel Rulings by the Franchise Tax Board where they declared, at least in some instances, that business trusts like a Wyoming Statutory Trust, are not considered "corporations" and would therefore not be subject to the minimum franchise tax as defined in CA Rev & Tax Code § 23153. As long as the Wyoming Statutory Trust is taxed as a disregarded entity, it has not triggered the minimum franchise tax for hundreds of our clients who have utilized them successfully. Here is a link to one of the Chief Counsel Rulings 
https://www.ftb.ca.gov/tax-pros/law/chief-counsel-rulings/20...

Quote from @Marcos De la Cruz:

I'll definitely consider it if I can get better insurance, which is ridiculously expensive.

Thanks for your input.

I'd do a search here on BP for LLCs, and you will likely find dozens who have suggested ditching the LLCs. I personally have never used one, and I know many other investors with substantial assets who do not either. My boss' in-laws owned several million in SD real estate and never had any LLCs that I am aware of, and he also owns several properties with no LLC. 

I can think of at least 5-10 regular posters here on BP who have suggested to others that they should just get insurance instead of the LLC route. 

California blows in so many ways other than the weather and scenery. We got out of there as soon as we could and moved to Texas. I would ditch the LLCs. Any attorney can pierce them if they really wanted to. Just get extra liability with your insurance and call it good.

Hey there!

I am an investor in San Diego and have a few properties in Texas and Louisiana. I can assure you that this is unfortunately not the case. My LLCs are in the states of the properties and California can and DOES tax your world wide wealth. Just make sure you're getting all of the depreciation you can to offset this.

Hope this helps.