All Forum Posts by: Paris Ambush

@Will Barnard Got it. I'm clear now on what I need to do. Thanks for the advice!

Thanks so much for your response Will. Very good points. I certainly do have personal assets that I'd like to protect in case the worst case scenario happens so I will make sure I have at least liability protection. 

One other thing I was wondering is if I partnered with someone on a deal where I just helped fund the deal, does the same apply in terms of liability?

So I've been doing research on asset protection for the fix and flip strategy and ended up talking with the folks at Anderson Advisors. The advisor drafted up a plan suitable to my strategy and advised me on how it would both help protect me from litigation and tax savings, but I'm wondering if I really need something like this before finding my first ever deal. When you started out, did you need to setup your entity structure? I'm thinking something like this may not be necessary until a certain threshold of income and volume has been reached, which would then justify the overhead and expense of entities. What are your thoughts on the matter? I'll be doing this business in California.

Thanks,

Paris

@Dan Heuschele thanks so much for your awesome insight into LL in SD, this helps much! I also agree that proper tenant screening can alleviate most serious issues, but was concerned about being able to take action for exceptional cases (unruly behavior, sudden disregard for house rules, etc.).

@Frank Hinck interesting, care to elaborate why?

@Maxwell Ventura thanks! Will definitely reach out for more info.

I've been researching REI for several months and think I want to start off with a house hack for my first deal. After visiting San Diego, CA last year, I'm considering it as my choice location, but I don't know what areas of the city are good for this strategy. Can anyone here from the area who has house hacked provide insight from their experiences? Are people actually doing this strategy there successfully or shying away due to the current state of the market?

Thanks!
Paris