Comments on: 10 Easy Ways to avoid lawsuits (and losing your shirt) http://repupil.com/posts/101 Things your agent will never tell you. Thu, 20 Nov 2008 12:44:22 +0000 http://wordpress.org/?v=2.1.1 By: Real Estate Monkey http://repupil.com/posts/101#comment-4667 Real Estate Monkey Fri, 06 Jul 2007 10:47:56 +0000 http://repupil.com/posts/101#comment-4667 Very interesting list. Some seem a little much, but I guess it's better safe than sorry. Thanks! Very interesting list. Some seem a little much, but I guess it’s better safe than sorry. Thanks!

]]> By: Jared http://repupil.com/posts/101#comment-4748 Jared Sat, 07 Jul 2007 13:47:13 +0000 http://repupil.com/posts/101#comment-4748 I generally agree with 1 to 6. #4: DMV's and other state/federal agencies won't accept PO BOX's anymore. #5: If you can help it, don't pay anyting with a check or debit card. If you must, do it out of a smaller account. Handing out a check is handing someone all of your personal banking information. Also, many companies store the information on a check so that if you default on an agreement and they sue you and win, they know your account information and can ask the judge to freeze it. Any check I get from a tenant or customer is photocopied before deposited. #7&9: Why not just get personal liability insurance? It's a lot cheaper and easier then setting up various LLC to hold your assets. I generally agree with 1 to 6. #4: DMV’s and other state/federal agencies won’t accept PO BOX’s anymore. #5: If you can help it, don’t pay anyting with a check or debit card. If you must, do it out of a smaller account. Handing out a check is handing someone all of your personal banking information. Also, many companies store the information on a check so that if you default on an agreement and they sue you and win, they know your account information and can ask the judge to freeze it. Any check I get from a tenant or customer is photocopied before deposited.

#7&9: Why not just get personal liability insurance? It’s a lot cheaper and easier then setting up various LLC to hold your assets.

]]> By: HungryBear http://repupil.com/posts/101#comment-4752 HungryBear Sat, 07 Jul 2007 15:56:36 +0000 http://repupil.com/posts/101#comment-4752 Overall, excellent advice. As far as number 10, unless you want a Heloc anyway, this is not necessary. Its less costly to just put your home into an LLC, or alternatively record a big huge trust deed with your LLC as beneficiary. Overall, excellent advice. As far as number 10, unless you want a Heloc anyway, this is not necessary. Its less costly to just put your home into an LLC, or alternatively record a big huge trust deed with your LLC as beneficiary.

]]> By: Thing1 http://repupil.com/posts/101#comment-4761 Thing1 Sat, 07 Jul 2007 17:52:02 +0000 http://repupil.com/posts/101#comment-4761 I have an idea - don't accrue ridiculous amounts of credit card debt. Then you can safely bank locally. The bank won't seize "your" money unless you are in default to them regarding repayment of THEIR money. What a terrible list. I have an idea - don’t accrue ridiculous amounts of credit card debt. Then you can safely bank locally. The bank won’t seize “your” money unless you are in default to them regarding repayment of THEIR money.

What a terrible list.

]]> By: admin http://repupil.com/posts/101#comment-4762 admin Sat, 07 Jul 2007 18:32:05 +0000 http://repupil.com/posts/101#comment-4762 Whether you have credit or not, people can still win a suit against you and garnish your accounts. Essentially, they get a court order for the bank to seize the money. As far as personal liability insurance, what will you do if they deny your claim, or worse, you exceed the coverage. UPS stores and other mailbox providers provide real addresses, which can be invaluable if you need a non PO Box address. Good advice would be that a person should check that out before deciding where to 'box'. Some Helocs are no fee, and while I agree that they are less necessary for a home under LLC, it would serve to greatly impede anyone wishing to sue, assuming they got as far as connecting an LLC to your name. Whether you have credit or not, people can still win a suit against you and garnish your accounts. Essentially, they get a court order for the bank to seize the money.

As far as personal liability insurance, what will you do if they deny your claim, or worse, you exceed the coverage.

UPS stores and other mailbox providers provide real addresses, which can be invaluable if you need a non PO Box address. Good advice would be that a person should check that out before deciding where to ‘box’.

Some Helocs are no fee, and while I agree that they are less necessary for a home under LLC, it would serve to greatly impede anyone wishing to sue, assuming they got as far as connecting an LLC to your name.

]]> By: mike http://repupil.com/posts/101#comment-4849 mike Tue, 10 Jul 2007 03:50:03 +0000 http://repupil.com/posts/101#comment-4849 I read some of this post but found the white writing on black background to be hard on my eyes. Switching to this page with blues took me a moment to adjust. I think this is a site I would revisit but only in small sessions. I read some of this post but found the white writing on black background to be hard on my eyes. Switching to this page with blues took me a moment to adjust. I think this is a site I would revisit but only in small sessions.

]]> By: jared http://repupil.com/posts/101#comment-4866 jared Tue, 10 Jul 2007 20:30:36 +0000 http://repupil.com/posts/101#comment-4866 If your insurance denies your claim, you have bigger problems. If you have a reputable insurance company and they deny a claim you have options for appeal. Although sometimes they try, insurance companies can't just deny someone insurance if it falls within the contract. When they do, they typically get taken to court and are over matters that are unclear or unspecified within the contract. For example, was it wind damage or flood damage? But, let's assume that you have an LLC or Corporation called XYZ. You get sued for $50zillion dollars and a judge asks you to list your assets. Included in your assets is your XYZ corporation. Do you think he'll tell you to turn over the assets of your corporaton? Probably. What do you think a judge is more likely to tell you to turn over: A house you own or a corporation that happens to own the house you are living in? Corporations are good for protecting assets in other situations. For example, if say you own rental properties and you move them to an REIT that owns and manages the properties, you can't take personal loses (your own home) for mistakes that the REIT were sued for. But if your sued personally, the courts can order your assets to be sold to resolve the claim. If your insurance denies your claim, you have bigger problems. If you have a reputable insurance company and they deny a claim you have options for appeal. Although sometimes they try, insurance companies can’t just deny someone insurance if it falls within the contract. When they do, they typically get taken to court and are over matters that are unclear or unspecified within the contract. For example, was it wind damage or flood damage?

But, let’s assume that you have an LLC or Corporation called XYZ. You get sued for $50zillion dollars and a judge asks you to list your assets. Included in your assets is your XYZ corporation. Do you think he’ll tell you to turn over the assets of your corporaton? Probably. What do you think a judge is more likely to tell you to turn over: A house you own or a corporation that happens to own the house you are living in?

Corporations are good for protecting assets in other situations. For example, if say you own rental properties and you move them to an REIT that owns and manages the properties, you can’t take personal loses (your own home) for mistakes that the REIT were sued for. But if your sued personally, the courts can order your assets to be sold to resolve the claim.

]]> By: grumpy old monk http://repupil.com/posts/101#comment-4893 grumpy old monk Wed, 11 Jul 2007 02:12:58 +0000 http://repupil.com/posts/101#comment-4893 "I have an idea - don’t accrue ridiculous amounts of credit card debt. Then you can safely bank locally. The bank won’t seize “your” money unless you are in default to them regarding repayment of THEIR money." What the heck is Thing1 talking about? This isn't about credit card debt - it's about protecting yourself from lawsuits. Reading comprehension, people, reading comprehension... “I have an idea - don’t accrue ridiculous amounts of credit card debt. Then you can safely bank locally. The bank won’t seize “your” money unless you are in default to them regarding repayment of THEIR money.”

What the heck is Thing1 talking about? This isn’t about credit card debt - it’s about protecting yourself from lawsuits. Reading comprehension, people, reading comprehension…

]]> By: Joel Maners http://repupil.com/posts/101#comment-5624 Joel Maners Fri, 20 Jul 2007 15:37:10 +0000 http://repupil.com/posts/101#comment-5624 I used to have the number to the White House memorized. When asked for my phone number,I'd give them that one. I used to have the number to the White House memorized. When asked for my phone number,I’d give them that one.

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