All Forum Posts by: Account Closed

I hate it when my roof mildew has holes in it.

There are about a million posts about asset protection, usually having to do with asking how to go about doing it, or what the 'best' strategy is.  There may be posts about the topic I'm going to ask, but it's drowned out by the million general asset protection posts.

Here's the question:

Does anyone have an Asset Protection Success Story?

This could be any situation where because you had some form of asset protection, whether a legal entity, adequate insurance, or something else, the outcome for you was better than it could have been.

I am NOT interested in how your asset protection is configured unless you can demonstrably say you have used it.  For example, if your asset protection strategy is to have a huge, confusing labyrinth of entities obscuring the ownership of your properties, you can't say it's a success story because you have never been sued or had a claim.  You CAN say it's a success story if someone tried to do so, and couldn't, though.  Affirmative evidence of efficacy only, please.

My guess is there will not be many replies to this thread with actual success stories, and if there are any, most of them will be in the "my liability insurance paid the claim" category.  However, I'm very curious to find out if that guess is valid or not.

Posting this post crashed the app, too. :)

I saw some posts from a while ago about the app being overhauled. Has that happened? It crashes all the time for me. Do you need some crash logs?

I’m doing a seller finance on a 6-unit. It happened for me because I know someone who bought one of the sellers other buildings in the same way and he told me about them (they were off market.)

Depends on the price. If it’s priced correctly for the condition of the house that roof and water heater condition should be built into the price. If it’s a “surprise to everyone involved” then yeah, I would ask for some kind of credit, but the seller isn’t going to give you money for a new roof. Maybe you get a couple grand and sort things out yourself though. Depends on how the market is.

Good for you for enforcing your agreement and taking an early opportunity to train your tenants.

Ahhh... ATW Investments.  My very first ever deal was with them ~2006.

They sold me a crappy mobile home in a crappy mobile home park to then owner finance to some other person.  I had no idea what I was doing.  But it was a great "education" I guess.  Glad it wasn't an expensive deal.

I had lots of fun issues, including the buyer I was owner financing to through them decided they didn't want it anymore and just moved out, moving someone else in and not telling anyone, the someone else being an illegal immigrant family, the "property manager" ATW had at the time quit and decided he wanted to go back to being a dentist or something, of course I never found out about this until I called them repeatedly about why my payments were missing.  Oh, once I found another PM down there to kick out the family that wasn't even on the lease, a pregnant feral dog managed to open up a hole in the floor and get inside, made a nest and had a litter of puppies in it.  I never did a second deal with them.

It's sort of amazing I did anything in real estate after that, now that I think about it, and the fact that I still wanted to, I guess meant I really liked real estate.  I consider the experience, unfortunate as it was, the best education I ever paid for in terms of real estate.  At least it wasn't an insane loss.  But I did just give the thing away to some handyman on craigslist for $1 to be rid of the headaches once I learned all my lessons.

Ok. I missed the liquid in liquid net worth the first time. That makes sense.

Jay Hinrichs Someone has $1,000,000 in bank. They buy 10 200k SFH with 50% LTV (100k down) each. What is that person worth in your mind? Are they worth nothing because their checking account is empty? Wanting to understand this perspective better.