All Forum Posts by: Anna M.

@Mike B., does putting cameras up trigger any privacy issues or is installation of these okay as long as it is the exterior of the unit.  I definitely have no intention of putting any cameras in the unit but never quite understood the law on cameras even in what is considered, "common areas" and do I as landlord have to notify and get consent from tenants or no?

@Mike Dymski, thank you for your comments and I finally learned what its called, "Loan covenant".  I intend to stay in compliance and hope for the best.  @Jay Hinrichs, thank you once again for your input. A friend told me today of his own experience in 2009 when his HELOC (a huge one at that ~ $284K was frozen after he had withdrawn about $195K of it), so I guess it does happen and it got me thinking, now that would just be horrible, here I have planned and called out contractors to start work and then.....gosh I cannot pay them for work done. :(

@Costin I. thank you so much for the input, I am looking at all this and going, wow, was I way off and can I really do this and do it correct?  Might be best to skip it all together, but I certainly do appreciate yours and all other input on this thread.  I have learned and continue to learn a lot and so thankful for BP for offering us newbies a place to learn from the Vets that have done this for years and know what to do.  Thank you :)

Thank you @Sean Walton.  They honestly seem to be a tough thing to navigate and there is the due-on-sale clause to worry about, but should I ever change my mind in future, I will reach out.  Thanks :)

Thank you @Chris K.  you and many that I have reached out to are absolutely right that if someone wanted to find out who you are or who owns what, they could potentially do that.  The whole idea was asset protection, but again I do not want to risk the due-on-sale clause, so best to slowly back away from this one.  Thanks Chris :)

@Alexander Burnett, no offense taken at all and I did not think you were implying that I was involved in any such activity. I took it as merely a comment, a cautionary one at that, that had my best interests at heart and my response was just that, a response. Thank you so much for the input. I made the silly mistake of recording the previous trust which has since been dissolved (if that's the correct term), i.e. I quit claim deeded it, but silly me recorded it with the county, silly gal, and... the successor trustee too had to quit claim deed it and I was just afraid he would refuse, but come to find out, my ex-husband is not that bad after all, LOL! Anyway, just wanting to learn how to do it right if I am going to do it at all. Just seems less hustle to simply stick with the LLC. :)

Thank you @Alexander Burnett.  Trust, not trust account, I stand corrected.  So, I have no plans for any illegal activity or purchases, just wanted asset protection, particularly in this day and age where everyone is suing everyone and somehow was told that the Trust would offer that, so I was curious if I set mine up correctly, and to be honest I even wonder if I should go to all this trouble, seems not many are doing it, or if they are, they prefer not to talk about it, so I may have to settle for few comments on this post.  Thank you, I do appreciate your input.

@Amy A., thank you for the response.  I definitely will use my line of credit very carefully should the same happen in my case as I would hate to loose my home.  :(

SCENARIO:
1. Every property gets its own trust and ideally it's own LLC - check! (Got that)
2. Give the trust a unique name that does not bring it back to me (Anna) and give it a P.O. Box address - 🤔Question?☝️ Won’t someone be able to track down and find out that I own that P.O. box?
3. I (Anna) am the grantor - check!
4. Do not name myself (Anna) as the trustee - check!
5. Instead find someone not related to me to name as Trustee (John Smith - has to be a real person) - 🤔 Question?☝️uhhhmmm so this is where it starts getting tricky, I did that on previous Trust and just about had to pay the person to quit deed😳 so I could refinance as the bank would not refinance the property while in a trust.
6. The Trustee can be in a different state or even country (so am assuming send them the trust agreement to have wet signed and notarized and get it back to you?)
7. So I (Anna) grant the property to John Smith as Trustee to 123 Main Street Trust and then I name my LLC as the beneficiary - check!
8. Upon granting the property to Trustee, I am assuming I re-record title in the assessors office so that the property now shows up as owned by 123 Main Street Trust, or do I not do that and keep it showing up as owned by me (Anna)?🤔2nd Question?☝️if I am member and Manager of that LLC and that is public knowledge, how then do I keep my anonymity?
9. LLC serves as agent to the owner, herein 123 Main Street Trust, so rents get paid to the LLC (not the Trust) and the leases bare the LLC name as property manager and agent to the Trust - is that correct?👀
10. Tax documentation goes to LLC (or is it the Trust?🤨😣), as the LLC or me Anna since am a single member LLC and also have a full time Job will combine my tax filing to include income from job and income from rentals - is that correct?👀

I know what you are going to say, hire an attorney😔 and I will as I know it is best to set these things up right until then any idea of what step(s)☝️I got wrong?👀

PS. If there is already a post about this somewhere in the group, please point me to it. Thank you.

@Tom Gimer, thank you for giving me the exact thing to look for on the CD.