[earlyretirement]

Hi SK in CV,

Actually, no…. according to the lawyer, the LLC doesn’t need to be registered in California as no business is being conducted. In Delaware there is a $200 annual fee/tax.

See this:

http://www.aoausa.com/Articles/2010/February/12.pdf

I’ve done some research online and it seems like some people are getting homeowner’s insurance but just not so easy like an individual.

No, there is no pending bankruptcy (actually I have no debt whatsoever). As mentioned, the goal of this is simply asset protection. People that have no assets or tons of debt don’t really have to worry about asset protection I wouldn’t think…

What I meant by the “homestead exemption” was that you can’t lose your house in Texas due to some frivolous lawsuit or something else. I know that many many people in California use Living Trusts but those don’t seem to do anything for asset protection.

Again, I’m not sure why an insurance company would have a problem with this if they simply understood that there is no business being conducted at all. They have no more risk vs. it being in my own name. The house won’t be rented out and we would be the only ones using it. Heck, we wouldn’t even have a mortgage on the property.

Of course I’ll still get an umbrella coverage policy but my main goal is getting the home insured with the same price as an individual homeowner’s policy.

[earlyretirement]

Hi SK in CV,

Actually, no…. according to the lawyer, the LLC doesn’t need to be registered in California as no business is being conducted. In Delaware there is a $200 annual fee/tax.

See this:

http://www.aoausa.com/Articles/2010/February/12.pdf

I’ve done some research online and it seems like some people are getting homeowner’s insurance but just not so easy like an individual.

No, there is no pending bankruptcy (actually I have no debt whatsoever). As mentioned, the goal of this is simply asset protection. People that have no assets or tons of debt don’t really have to worry about asset protection I wouldn’t think…

What I meant by the “homestead exemption” was that you can’t lose your house in Texas due to some frivolous lawsuit or something else. I know that many many people in California use Living Trusts but those don’t seem to do anything for asset protection.

Again, I’m not sure why an insurance company would have a problem with this if they simply understood that there is no business being conducted at all. They have no more risk vs. it being in my own name. The house won’t be rented out and we would be the only ones using it. Heck, we wouldn’t even have a mortgage on the property.

Of course I’ll still get an umbrella coverage policy but my main goal is getting the home insured with the same price as an individual homeowner’s policy.

[earlyretirement]

Hi SK in CV,

Actually, no…. according to the lawyer, the LLC doesn’t need to be registered in California as no business is being conducted. In Delaware there is a $200 annual fee/tax.

See this:

http://www.aoausa.com/Articles/2010/February/12.pdf

I’ve done some research online and it seems like some people are getting homeowner’s insurance but just not so easy like an individual.

No, there is no pending bankruptcy (actually I have no debt whatsoever). As mentioned, the goal of this is simply asset protection. People that have no assets or tons of debt don’t really have to worry about asset protection I wouldn’t think…

What I meant by the “homestead exemption” was that you can’t lose your house in Texas due to some frivolous lawsuit or something else. I know that many many people in California use Living Trusts but those don’t seem to do anything for asset protection.

Again, I’m not sure why an insurance company would have a problem with this if they simply understood that there is no business being conducted at all. They have no more risk vs. it being in my own name. The house won’t be rented out and we would be the only ones using it. Heck, we wouldn’t even have a mortgage on the property.

Of course I’ll still get an umbrella coverage policy but my main goal is getting the home insured with the same price as an individual homeowner’s policy.

[earlyretirement]

Hi SK in CV,

Actually, no…. according to the lawyer, the LLC doesn’t need to be registered in California as no business is being conducted. In Delaware there is a $200 annual fee/tax.

See this:

http://www.aoausa.com/Articles/2010/February/12.pdf

I’ve done some research online and it seems like some people are getting homeowner’s insurance but just not so easy like an individual.

No, there is no pending bankruptcy (actually I have no debt whatsoever). As mentioned, the goal of this is simply asset protection. People that have no assets or tons of debt don’t really have to worry about asset protection I wouldn’t think…

What I meant by the “homestead exemption” was that you can’t lose your house in Texas due to some frivolous lawsuit or something else. I know that many many people in California use Living Trusts but those don’t seem to do anything for asset protection.

Again, I’m not sure why an insurance company would have a problem with this if they simply understood that there is no business being conducted at all. They have no more risk vs. it being in my own name. The house won’t be rented out and we would be the only ones using it. Heck, we wouldn’t even have a mortgage on the property.

Of course I’ll still get an umbrella coverage policy but my main goal is getting the home insured with the same price as an individual homeowner’s policy.

[earlyretirement]

Hi SK in CV,

Actually, no…. according to the lawyer, the LLC doesn’t need to be registered in California as no business is being conducted. In Delaware there is a $200 annual fee/tax.

See this:

http://www.aoausa.com/Articles/2010/February/12.pdf

I’ve done some research online and it seems like some people are getting homeowner’s insurance but just not so easy like an individual.

No, there is no pending bankruptcy (actually I have no debt whatsoever). As mentioned, the goal of this is simply asset protection. People that have no assets or tons of debt don’t really have to worry about asset protection I wouldn’t think…

What I meant by the “homestead exemption” was that you can’t lose your house in Texas due to some frivolous lawsuit or something else. I know that many many people in California use Living Trusts but those don’t seem to do anything for asset protection.

Again, I’m not sure why an insurance company would have a problem with this if they simply understood that there is no business being conducted at all. They have no more risk vs. it being in my own name. The house won’t be rented out and we would be the only ones using it. Heck, we wouldn’t even have a mortgage on the property.

Of course I’ll still get an umbrella coverage policy but my main goal is getting the home insured with the same price as an individual homeowner’s policy.

[earlyretirement]

Thanks guys. All GREAT points. Another point that I discovered today is that when buying there is a 1/4 of a point fee that I’m told is split 50% between the buyer and seller. It’s called the “Santaluz Enhancement Fee”. Not a big fee but still those doing due diligence should keep this in mind.

Also, I was told the city of San Diego has a “Supplemental Tax- one time assessment”. I forgot to ask my realtor today when I was out and about. But is this tax just based on what the closing price is compared to the latest appraisal price the property tax is currently based on?

I spent all day looking at houses in Carmel Valley today and driving around the area more. Some of the areas are nice. I thought the area in Pacific Highland Ranch had some attractive homes. The biggest problem to me is the density. The houses all sit on top of one another for the most part.

We saw a house on Aster Meadows Place and really there isn’t any privacy as you have houses on both sides looking into your house and 3 houses on the backyard that all can see into your house and to the back yard. There is a jacuzzi/hot tub in the backyard but not sure I’d want to spend time in it with the wife with all my neighbors watching. So much for walking around naked in the house as well.! Ha, ha. The Mello Roos was low and the HOA was really cheap but really who wants to spend $1 million + with all your neighbors looking into your house??

We also looked at a house listed at around $1,250,000 in the gated community of Collins Ranch in Carmel Valley. They had some beautiful homes there but even there on a big home of almost 4,900 sq. feet… your neighbor can look onto you easily. But the biggest rub was that we heard more street noise from Highway 56 than ANY of the homes we toured and walked around even directly facing Camino del Sur in Santaluz. By a long shot! And consider this was a non-peak traffic time on the weekend.

I was really surprised about that as on a map, Highway 56 isn’t really that close to Collins Ranch but the sound is such that it echos so you have traffic noise which I would have never imagined just looking on a map.

We love the location of Carmel Valley and it’s proximity to the city and the ocean… but the density is just about a killer for us. But I think some people exaggerate a bit when they say all the homes are cookie cutter homes there in Carmel Valley. There are some beautiful homes but the density there compared to other areas is a big negative with the houses so close together but especially the many apartment and townhouse complexes in the area.

So that is my 2 cents. I still think Santaluz is a unique and beautiful development. But definitely you have the downside with the HOA and especially the Mello Roos fees and the uncertainty if they will go up. After reading that URL I wrongly assumed MR fees were fairly fixed but looks like I might have assumed wrong.

Thanks everyone for your great and helpful comments.

[earlyretirement]

Thanks guys. All GREAT points. Another point that I discovered today is that when buying there is a 1/4 of a point fee that I’m told is split 50% between the buyer and seller. It’s called the “Santaluz Enhancement Fee”. Not a big fee but still those doing due diligence should keep this in mind.

Also, I was told the city of San Diego has a “Supplemental Tax- one time assessment”. I forgot to ask my realtor today when I was out and about. But is this tax just based on what the closing price is compared to the latest appraisal price the property tax is currently based on?

I spent all day looking at houses in Carmel Valley today and driving around the area more. Some of the areas are nice. I thought the area in Pacific Highland Ranch had some attractive homes. The biggest problem to me is the density. The houses all sit on top of one another for the most part.

We saw a house on Aster Meadows Place and really there isn’t any privacy as you have houses on both sides looking into your house and 3 houses on the backyard that all can see into your house and to the back yard. There is a jacuzzi/hot tub in the backyard but not sure I’d want to spend time in it with the wife with all my neighbors watching. So much for walking around naked in the house as well.! Ha, ha. The Mello Roos was low and the HOA was really cheap but really who wants to spend $1 million + with all your neighbors looking into your house??

We also looked at a house listed at around $1,250,000 in the gated community of Collins Ranch in Carmel Valley. They had some beautiful homes there but even there on a big home of almost 4,900 sq. feet… your neighbor can look onto you easily. But the biggest rub was that we heard more street noise from Highway 56 than ANY of the homes we toured and walked around even directly facing Camino del Sur in Santaluz. By a long shot! And consider this was a non-peak traffic time on the weekend.

I was really surprised about that as on a map, Highway 56 isn’t really that close to Collins Ranch but the sound is such that it echos so you have traffic noise which I would have never imagined just looking on a map.

We love the location of Carmel Valley and it’s proximity to the city and the ocean… but the density is just about a killer for us. But I think some people exaggerate a bit when they say all the homes are cookie cutter homes there in Carmel Valley. There are some beautiful homes but the density there compared to other areas is a big negative with the houses so close together but especially the many apartment and townhouse complexes in the area.

So that is my 2 cents. I still think Santaluz is a unique and beautiful development. But definitely you have the downside with the HOA and especially the Mello Roos fees and the uncertainty if they will go up. After reading that URL I wrongly assumed MR fees were fairly fixed but looks like I might have assumed wrong.

Thanks everyone for your great and helpful comments.

[earlyretirement]

Thanks guys. All GREAT points. Another point that I discovered today is that when buying there is a 1/4 of a point fee that I’m told is split 50% between the buyer and seller. It’s called the “Santaluz Enhancement Fee”. Not a big fee but still those doing due diligence should keep this in mind.

Also, I was told the city of San Diego has a “Supplemental Tax- one time assessment”. I forgot to ask my realtor today when I was out and about. But is this tax just based on what the closing price is compared to the latest appraisal price the property tax is currently based on?

I spent all day looking at houses in Carmel Valley today and driving around the area more. Some of the areas are nice. I thought the area in Pacific Highland Ranch had some attractive homes. The biggest problem to me is the density. The houses all sit on top of one another for the most part.

We saw a house on Aster Meadows Place and really there isn’t any privacy as you have houses on both sides looking into your house and 3 houses on the backyard that all can see into your house and to the back yard. There is a jacuzzi/hot tub in the backyard but not sure I’d want to spend time in it with the wife with all my neighbors watching. So much for walking around naked in the house as well.! Ha, ha. The Mello Roos was low and the HOA was really cheap but really who wants to spend $1 million + with all your neighbors looking into your house??

We also looked at a house listed at around $1,250,000 in the gated community of Collins Ranch in Carmel Valley. They had some beautiful homes there but even there on a big home of almost 4,900 sq. feet… your neighbor can look onto you easily. But the biggest rub was that we heard more street noise from Highway 56 than ANY of the homes we toured and walked around even directly facing Camino del Sur in Santaluz. By a long shot! And consider this was a non-peak traffic time on the weekend.

I was really surprised about that as on a map, Highway 56 isn’t really that close to Collins Ranch but the sound is such that it echos so you have traffic noise which I would have never imagined just looking on a map.

We love the location of Carmel Valley and it’s proximity to the city and the ocean… but the density is just about a killer for us. But I think some people exaggerate a bit when they say all the homes are cookie cutter homes there in Carmel Valley. There are some beautiful homes but the density there compared to other areas is a big negative with the houses so close together but especially the many apartment and townhouse complexes in the area.

So that is my 2 cents. I still think Santaluz is a unique and beautiful development. But definitely you have the downside with the HOA and especially the Mello Roos fees and the uncertainty if they will go up. After reading that URL I wrongly assumed MR fees were fairly fixed but looks like I might have assumed wrong.

Thanks everyone for your great and helpful comments.

[earlyretirement]

Thanks guys. All GREAT points. Another point that I discovered today is that when buying there is a 1/4 of a point fee that I’m told is split 50% between the buyer and seller. It’s called the “Santaluz Enhancement Fee”. Not a big fee but still those doing due diligence should keep this in mind.

Also, I was told the city of San Diego has a “Supplemental Tax- one time assessment”. I forgot to ask my realtor today when I was out and about. But is this tax just based on what the closing price is compared to the latest appraisal price the property tax is currently based on?

I spent all day looking at houses in Carmel Valley today and driving around the area more. Some of the areas are nice. I thought the area in Pacific Highland Ranch had some attractive homes. The biggest problem to me is the density. The houses all sit on top of one another for the most part.

We saw a house on Aster Meadows Place and really there isn’t any privacy as you have houses on both sides looking into your house and 3 houses on the backyard that all can see into your house and to the back yard. There is a jacuzzi/hot tub in the backyard but not sure I’d want to spend time in it with the wife with all my neighbors watching. So much for walking around naked in the house as well.! Ha, ha. The Mello Roos was low and the HOA was really cheap but really who wants to spend $1 million + with all your neighbors looking into your house??

We also looked at a house listed at around $1,250,000 in the gated community of Collins Ranch in Carmel Valley. They had some beautiful homes there but even there on a big home of almost 4,900 sq. feet… your neighbor can look onto you easily. But the biggest rub was that we heard more street noise from Highway 56 than ANY of the homes we toured and walked around even directly facing Camino del Sur in Santaluz. By a long shot! And consider this was a non-peak traffic time on the weekend.

I was really surprised about that as on a map, Highway 56 isn’t really that close to Collins Ranch but the sound is such that it echos so you have traffic noise which I would have never imagined just looking on a map.

We love the location of Carmel Valley and it’s proximity to the city and the ocean… but the density is just about a killer for us. But I think some people exaggerate a bit when they say all the homes are cookie cutter homes there in Carmel Valley. There are some beautiful homes but the density there compared to other areas is a big negative with the houses so close together but especially the many apartment and townhouse complexes in the area.

So that is my 2 cents. I still think Santaluz is a unique and beautiful development. But definitely you have the downside with the HOA and especially the Mello Roos fees and the uncertainty if they will go up. After reading that URL I wrongly assumed MR fees were fairly fixed but looks like I might have assumed wrong.

Thanks everyone for your great and helpful comments.

[earlyretirement]

Thanks guys. All GREAT points. Another point that I discovered today is that when buying there is a 1/4 of a point fee that I’m told is split 50% between the buyer and seller. It’s called the “Santaluz Enhancement Fee”. Not a big fee but still those doing due diligence should keep this in mind.

Also, I was told the city of San Diego has a “Supplemental Tax- one time assessment”. I forgot to ask my realtor today when I was out and about. But is this tax just based on what the closing price is compared to the latest appraisal price the property tax is currently based on?

I spent all day looking at houses in Carmel Valley today and driving around the area more. Some of the areas are nice. I thought the area in Pacific Highland Ranch had some attractive homes. The biggest problem to me is the density. The houses all sit on top of one another for the most part.

We saw a house on Aster Meadows Place and really there isn’t any privacy as you have houses on both sides looking into your house and 3 houses on the backyard that all can see into your house and to the back yard. There is a jacuzzi/hot tub in the backyard but not sure I’d want to spend time in it with the wife with all my neighbors watching. So much for walking around naked in the house as well.! Ha, ha. The Mello Roos was low and the HOA was really cheap but really who wants to spend $1 million + with all your neighbors looking into your house??

We also looked at a house listed at around $1,250,000 in the gated community of Collins Ranch in Carmel Valley. They had some beautiful homes there but even there on a big home of almost 4,900 sq. feet… your neighbor can look onto you easily. But the biggest rub was that we heard more street noise from Highway 56 than ANY of the homes we toured and walked around even directly facing Camino del Sur in Santaluz. By a long shot! And consider this was a non-peak traffic time on the weekend.

I was really surprised about that as on a map, Highway 56 isn’t really that close to Collins Ranch but the sound is such that it echos so you have traffic noise which I would have never imagined just looking on a map.

We love the location of Carmel Valley and it’s proximity to the city and the ocean… but the density is just about a killer for us. But I think some people exaggerate a bit when they say all the homes are cookie cutter homes there in Carmel Valley. There are some beautiful homes but the density there compared to other areas is a big negative with the houses so close together but especially the many apartment and townhouse complexes in the area.

So that is my 2 cents. I still think Santaluz is a unique and beautiful development. But definitely you have the downside with the HOA and especially the Mello Roos fees and the uncertainty if they will go up. After reading that URL I wrongly assumed MR fees were fairly fixed but looks like I might have assumed wrong.

Thanks everyone for your great and helpful comments.

[earlyretirement]

[quote=clearfund]Gentlemen – They DID lower the golf club membership fees by well OVER 50%. The golf club fee was apx $120k at one time…now it is $43k. And yes, it did bring a lot of fence sitters into the club….and tick off many golf members given that it is an 80% equity club. Not to mention that it is a 4 in, 1 out rule until they reach their cap around 425+/-.[/quote]

Clearfund,

Thanks for sharing. See, that is the kind of information that is really important and educational for buyers as those are things that no one is really saying anything about.

I guess golf members that already paid $120,000 would hate that as they not only paid too much but also it floods the course with even new members so they might have a harder time getting time on the golf course.

Also, someone I was curious about is I asked Kelly (the manager at the Club) if it was possible to get a Hacienda club membership if you lived in Verrazzano, Santa Monica or Marisol. She said it was not. She said only if you live within the gates of Santaluz. Is this correct? I heard from at least 2 people that they were selling memberships to outsiders but I didn’t know if this was true or it was only Golf memberships?

[earlyretirement]

[quote=clearfund]Gentlemen – They DID lower the golf club membership fees by well OVER 50%. The golf club fee was apx $120k at one time…now it is $43k. And yes, it did bring a lot of fence sitters into the club….and tick off many golf members given that it is an 80% equity club. Not to mention that it is a 4 in, 1 out rule until they reach their cap around 425+/-.[/quote]

Clearfund,

Thanks for sharing. See, that is the kind of information that is really important and educational for buyers as those are things that no one is really saying anything about.

I guess golf members that already paid $120,000 would hate that as they not only paid too much but also it floods the course with even new members so they might have a harder time getting time on the golf course.

Also, someone I was curious about is I asked Kelly (the manager at the Club) if it was possible to get a Hacienda club membership if you lived in Verrazzano, Santa Monica or Marisol. She said it was not. She said only if you live within the gates of Santaluz. Is this correct? I heard from at least 2 people that they were selling memberships to outsiders but I didn’t know if this was true or it was only Golf memberships?

[earlyretirement]

[quote=clearfund]Gentlemen – They DID lower the golf club membership fees by well OVER 50%. The golf club fee was apx $120k at one time…now it is $43k. And yes, it did bring a lot of fence sitters into the club….and tick off many golf members given that it is an 80% equity club. Not to mention that it is a 4 in, 1 out rule until they reach their cap around 425+/-.[/quote]

Clearfund,

Thanks for sharing. See, that is the kind of information that is really important and educational for buyers as those are things that no one is really saying anything about.

I guess golf members that already paid $120,000 would hate that as they not only paid too much but also it floods the course with even new members so they might have a harder time getting time on the golf course.

Also, someone I was curious about is I asked Kelly (the manager at the Club) if it was possible to get a Hacienda club membership if you lived in Verrazzano, Santa Monica or Marisol. She said it was not. She said only if you live within the gates of Santaluz. Is this correct? I heard from at least 2 people that they were selling memberships to outsiders but I didn’t know if this was true or it was only Golf memberships?

[earlyretirement]

[quote=clearfund]Gentlemen – They DID lower the golf club membership fees by well OVER 50%. The golf club fee was apx $120k at one time…now it is $43k. And yes, it did bring a lot of fence sitters into the club….and tick off many golf members given that it is an 80% equity club. Not to mention that it is a 4 in, 1 out rule until they reach their cap around 425+/-.[/quote]

Clearfund,

Thanks for sharing. See, that is the kind of information that is really important and educational for buyers as those are things that no one is really saying anything about.

I guess golf members that already paid $120,000 would hate that as they not only paid too much but also it floods the course with even new members so they might have a harder time getting time on the golf course.

Also, someone I was curious about is I asked Kelly (the manager at the Club) if it was possible to get a Hacienda club membership if you lived in Verrazzano, Santa Monica or Marisol. She said it was not. She said only if you live within the gates of Santaluz. Is this correct? I heard from at least 2 people that they were selling memberships to outsiders but I didn’t know if this was true or it was only Golf memberships?

[earlyretirement]

[quote=clearfund]Gentlemen – They DID lower the golf club membership fees by well OVER 50%. The golf club fee was apx $120k at one time…now it is $43k. And yes, it did bring a lot of fence sitters into the club….and tick off many golf members given that it is an 80% equity club. Not to mention that it is a 4 in, 1 out rule until they reach their cap around 425+/-.[/quote]

Clearfund,

Thanks for sharing. See, that is the kind of information that is really important and educational for buyers as those are things that no one is really saying anything about.

I guess golf members that already paid $120,000 would hate that as they not only paid too much but also it floods the course with even new members so they might have a harder time getting time on the golf course.

Also, someone I was curious about is I asked Kelly (the manager at the Club) if it was possible to get a Hacienda club membership if you lived in Verrazzano, Santa Monica or Marisol. She said it was not. She said only if you live within the gates of Santaluz. Is this correct? I heard from at least 2 people that they were selling memberships to outsiders but I didn’t know if this was true or it was only Golf memberships?

[Author]

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