看四月tax return之后的数据吧，看看各州数据和全国数据，看大家什么反应。

Trump想连任，至少要给中产减税而不是增税吧？！

我家报税快弄完了。新税法夫妻两人2万4千的额度根本不够用 2018年我donate的银子也不能抵税了，那我以后是不是不抖啦？
另外，学渣超过16岁，只能拿500刀tax credit. 按我们的收入又拿不到education credits

http://bbs.wenxuecity.com/bbs/tzlc/1323167.html

http://bbs.wenxuecity.com/tzlc/1117298.html

ZT:
年薪超过11万社保最高限，即平均月收入9166：
工作10年的话，退休金是1283
工作20年的话，退休金是2017
工作35年以上，退休金是2605

http://bbs.wenxuecity.com/tzlc/1128992.html

来源: 路边野花不採白不採 于 2016-01-22 10:01:22  



美国现在每天有超过一万人退休，上世纪80-90年代大陆来的第一代留学生也渐渐进入退休年龄，在为退休生活做准备。在做退休财务规划时，有几个关键的年龄需要记住，很多与退休有关的法律和规定都与这几个年龄有关。



年满50岁：如果你今年满50岁，又有工作收入 (earned income), 你投入401K、403B的钱可以再加$6000, 2015年的上限是$24,000; 如果是 IRA或Roth IRA, 则可以加$1000, 最多可以放$6500. 不论是从增加日后的退休基金还是从省税的角度，都应好好利用这一规定。

如果你每年往401K多放$5500, 15年到65岁就是8万多，再加上可能的上涨，8万多变成10万以上都是有可能的。这多出来的10万或十几万对你的退休生活不无小补。 此外，如果你配偶过世，你又伤残(disable), 满了50岁你可以开始申领social security的未亡人伤残福利, 这种福利一般是过世配偶全额退休福利的71.5%.



年满55岁：年满55岁又离职了，可以从group-sponsored 的退休计划拿钱而没有10%的罚款，这种退休计划包括Defined Benefit Plan 和Keogh等，但不包括IRA。



年满59岁半：这可能是IRS规定的最重要的年龄、也是最为人所欢迎的年龄，一旦你满了59岁半，你从退休计划中拿钱不用交10%的罚款。这种免交10%罚款的规定适用于任何退休计划，不论是qualified的退休计划如401k, IRA，还是non-qualified年金，只要你达到59岁半这一神奇的年龄，就可享受免交10%罚款的政策规定。



年满60岁：丧偶的年满60岁可以开始领取social security的遗属福利，一般是过世配偶全额退休福利的71.5%。



年满62岁：这是靠 Social Security过活的大部分美国人盼星星盼月亮的年龄，只要你满了62岁，你就可以申领socialsecurity的退休福利。当然62岁就开始领，只能领到部分福利(partial benefit), 相当于full benefit的75%。如果你不是吃了上顿没下顿，一般建议是延缓申领退休福利，因为每推迟一年，你的退休福利大概多8%，到了70岁你的退休福利不再增加。

当然什么时候开始领退休福利，除了财务因素外，还要考虑健康因素。如果你身体不好，甚至百病缠身，则应考虑早点领取social security的退休福利，原因很简单，social security没有收益人。如果你健康长寿，获到100岁，你领的social security福利可能远远大于你交的税；而如果你刚领没几年就驾鹤西归了，又没有未成年子女，你交的social security tax就归Uncle Sam了，用来给其他人发放福利.



年满65岁：可以开始Medicare，包括看医生、住院、拿药等各种保险福利，但不包括因生活不能自理而需要住到nursing home，或请人到府照顾的花费，这种花费通常要通过购买长期护理保险来cover，现在新型的人寿保险中也有包括这一部分的rider。



年满67岁：1960年以后出生的人，必须年满67岁才可以申领social security 的全额退休福利。每晚一年开始拿，退休福利多8%左右，直到70岁，退休福利不再自动增加，最多随通货膨胀率每年加一点。



年满70岁半：前文说过年满59岁半可以开始从退休计划中拿钱而无需交10%的罚款，当然你也可以不拿钱，直到70岁半，这时你就必须开始往外拿钱，IRS术语叫RMD （required minimum distribution）。这个RMD每年增加，71岁是26.5，75岁是22.9，80岁是18.7， 90岁是11.4，100岁是6.3。

举例说，你今年满71岁，你退休计划各个账户有100万，100万除以26.5，你这一年必须拿$37,735.85; 如果你满75岁，依然是100万，除以22.9，你这一年必须拿$43,668.12. 也就是说你每大一岁，你从退休账户拿的RMD百分比要多一点。算法是以你账户上一年12月31日的总额来计算。你2014年拿RMD，是以2013年12月31*****退休计划的总金额，再除以你年龄的RMD比率。如果你不拿钱，或没有拿够RMD的话，你可能会有50%的罚款。

IRS这么做，主要是为了征税，因为你不从退休计划里拿钱，IRS就征不到税。如果你满了70岁半，你开户的银行或金融机构都会给你寄表格，问你要拿多少，你可以多拿，但不可以少拿。你有10个帐号，可以只从一个帐号拿钱，但要拿够所有10个帐号总额的RMD。

如果不拿或没有拿够RMD, 国税局会有50%的罚款，够狠的！举例说，你当时各种退休账户上有100万，根据RMD你应该拿3万7，但你只拿了3万，那未拿的7千你下一年不仅要补拿，IRS可能还会罚你3500。

有两种退休计划账户不用拿RMD， 一是Roth IRA, 二是各种non-qualified 退休计划。Roth IRA 大家都知道，而non-qualified 退休计划主要是指用税后的钱买的储蓄型保险和各种年金（annuity）。年金最大的好处是延税(tax deferral), 只要不拿出来，就不用交税，拿出来时再交税。你可以拿税前的钱去买年金，如IRA 或401KRollover, 如果是用税前的钱买的年金，到了70岁半，你也要开始拿RMD。但如果是用税后的钱买的年金则不受RMD的约束，可以一直不拿钱。如果使用储蓄型保险，也可以用其制定退休计划，并且最大的好处是免税（Tax Exemption) ，所有提取出来的退休金都不需要交税。

我们乡下天暖时会看到有些老年人开跑车，还是敞篷的。
可能原因之一，要拿出退休金，不拿要被罚款。那就拿出来呗，去买敞篷跑车！

我那位老头同事前几天终于退休了，71岁！71岁他不得不从他的退休账户里拿钱，否则就被罚款。他太太也快71岁了，有自己的退休账户。两个人钱多得富裕出来，他继续在公司混得不偿失，于是他终于退休了～
老头一直不肯退休是有退休恐惧症，真是不会享福的人，呵呵。

引用:

原帖由 pp_dream 于 2019-4-27 04:12 发表
ZT:
年薪超过11万社保最高限，即平均月收入9166：
工作10年的话，退休金是1283
工作20年的话，退休金是2017
工作35年以上，退休金是2605

对于我这类移民太晚的，非常吃亏。我现在才工作了7年半，小目标是10年。大目标至少要15年吧，工作15年后退休金还没有到2000刀。唉，如果可以，就熬20年再退休！

应该有好几种方法
1/ 配偶有social security，两人退休后都可以拿退休金，但我还没搞清楚两人拿能拿多少
2/ 哪怕50岁后开始工作，工作10年就够了
3/ 自己做一个小公司给自己缴纳social security和401K ，这样还能避税
4/ 有实力的，是不需要social security的

油管push给我的，昨晚看了很久，觉得不错，推荐：跟我一起来谈钱

https://www.youtube.com/channel/UC5RtC9dKUJ9noJ4C6N4XnmQ

8年前刚转到这里，同事们就教导我要做Backdoor Roth IRA，我还贴过关于Backdoor Roth IRA的文章，但这么些年过去了，我一直没做。

明年我们公司给我们提供了Roth in-plan conversion, 可以直接把税后工资一部分放入Roth，总额几万。

这回我认认真真学习了一下Roth conversion，我觉得这回我是搞明白了

上面提到的“跟我一起来谈钱” 这个频道也讲了不少关于401/Roth/Backdoor Roth

https://www.youtube.com/watch?v=l1VrDzcV3JM

https://www.youtube.com/watch?v=l4i9DG9l6XQ

有一位孩子在米弟工作的旺友问过我关于孩子工资结余投资的问题。最近正好刚搞明白Roth IRA的套路。上面提到的视频也讲了不少。我也试图用白话说说。

Google一下：Roth IRA Income Limit，就会看到以下内容：
The income limit for contributing the maximum to a Roth IRA will go up by $2,000 for singles from $122,000 in 2019 to $124,000 in 2020. It will go up by $3,000 for married filing jointly from $193,000 in 2019 to $196,000 in 2020.

Google一下：Roth IRA Limit，就会看到以下内容：
The 2020 Roth and traditional IRA contribution limit is $6,000, or $7,000 if you're age 50 or older, remaining unchanged from 2019


翻译成人话说就是，如果你是单身收入低于$124000 （2020年），那么你可以在Roth IRA里放入6千刀税后收入。在Roth IRA里做投资，其收益是tax-free.

那么，如果你年收入高于12万4千刀，你是不可以直接向Roth IRA放入税后6千刀的，如果放了会被罚款的。

怎么办呢，你可以用税后收入买traditional IRA，也是6千刀。比如在E*TRADE存入6千刀，那么就打电话给E*TRADE把traditional IRA转成Roth IRA，这个就叫做Roth IRA conversion，或者叫rollover，或者叫backdoor。

记住，做conversion时，如果traditional IRA account里有earnings，那么这部分earnings是要缴税的。最简单的办法是，一放钱进入traditional IRA account，马上就转入Roth IRA，这样就不会有earnings也就不会有税了。

放入Roth IRA的银子再做投资，earnings就不用缴税了。

==========================
我如果说的有什么不对，还请大家指出来哦。

另外，视频也提到过，每年在Roth IRA and traditional IRA放入的总额是6千刀，而不是各放6千刀。

年轻小盆友一工作就开始在401和Roth IRA里放足银子，每年投资滚动起来，到60岁时应该是一笔不小的数字。

以我为例好了，工作8年，目前401K里有30万刀了；我同事工作22年，目前401K里有90万刀.
但是401K并不是一直涨，也有变成201K的时候，主要是看大势。因为是税前收入投入401K，对于以工资收入为主要收入的普通人，这是我们免税的主要途径了。

每年401K里放满了银子后，就把税后收入6千刀放入Roth IRA里，参见上面写的怎么放Roth IRA。

我准备给我家学渣也办起来，像她打工挣的那一丢丢银子，也可以买一点IRA，当然是我出钱给她买，呵呵。

这次我们公司给员工提供的after tax roth in plan conversion，真是得人心
这样我们除了买traditional IRA再转成Roth IRA，还可以根据公司提供的途径买几万刀Roth IRA，当然，这些都是为退休而准备的。

写了那么多，是因为我觉得在米弟生存不易，要用好每一分钱

还有一个millennial youtuber的频道也有点意思，这家伙叫Graham Stephan
https://www.youtube.com/channel/UCV6KDgJskWaEckne5aPA0aQ/videos

小朋友不知道有没有时间做小地主
小地主要能吃苦，任劳任怨

我上面说的不是从401k往IRA转。401k是免税的，而traditional IRA和ROTH IRA都是after-tax money，想转必定先交税，这个没有backdoor  

401k现在是免税，退休时提取也要按退休后收入报税。

我们前几年就放了小几万在IRA，没钱。
今年没买到白菜房，可以往Roth IRA放钱了，我是超过50岁的老民工，还可以多放点。

https://bbs.wenxuecity.com/bbs/inv-realestate/1370117.html

我做房东超过10年，住宅和商业地产都做过。看到最近投坛关于商业地产的帖子，一时兴起，想比较一下商业地产和住宅的优缺点。这里的商业地产是指的纯商业用途，不包括大于等于5个单位的公寓。

先说一下商业地产的优点。我能想到的有以下2点：

1. 管理方便。和住宅相比，商业地产的管理非常简单，房东不用掏粪。我认为这是它的最大的优点。NNN地产的房东完全可以远程投资而不需要PM。即使不是NNN，只要租约里规定租客负责小件的修理而房东只负责屋顶和结构之类的大件，房东的责任依然很有限，只要在过户之前确保大件没有问题就行。因为管理很简单，商业地产的租金收入是被动的，比较适合忙碌的双职工家庭。

2. 信息不对称。这一点既是它的优点，又是一个风险。因为信息不对称，它给懂行的人带来赚取丰厚利润的机会，但同时也给经验不足的人带来很多风险和陷阱。有些商业地产的市场资料不容易找到。比如，有些strip mall 适用的租客群比较广，可以租给保险代理，也可以租给一个小诊所，而租给诊所的租金会高于租给保险代理的租金，但是在做due diligence的时候，最多只能查到大致的市场租金，却很难查到rent by tenant category的资料。有些人口不多的小地方甚至都没有完整的市场资料。我曾经在2年多以前对一栋strip mall有兴趣，它位于加州北部的一个9万人口的城市。9万人口的城市其实并不算很小，但我却只找到非常有限的租金市场的资料。

对于个人投资者而言，和住宅相比，商业地产的缺点（包括风险）远远超过它的优点：

1. 空置的风险。这是和住宅相比最大的缺点。很少有租不出去的住宅，只有租不出去的价格，房东只要把房租降低200刀，马上会接到不少申请人的电话。但是，商业地产的出租非常耗时，尤其是办公楼和超大面积的零售物业，空置几年也不稀奇。

2. Value add 不易。商业地产的价值和租金成正比，提高租金是value add的重要手段。商业地产的租金是租约规定的。我看到过的大部分的租约都是每5年加租10%，或者每年加租2%，3%，租金上升缓慢。大幅提高租金的办法是原来的租客约满搬走之后再找新的租客，而且前提是原来的租金大大低于市价。但是，商业地产的招租不易，房东先要经历一段空置期，支付可观的经纪人代理费，新租客的装修费和提供一段时间的免租之后才能实现租金和房产价值的大幅提升。还有人先买下价格大打折扣的空置的物业，找到租客之后实现value add, 但是银行不会贷款给任何人买空置的商业地产。总之，和住宅相比，商业地产的value add难度较高，需要深的口袋和丰富的经验。

3. 贷款的风险。买独立屋投资，银行可以提供30年固定利息的贷款；但是，银行不会给商业地产贷款做30年固定，我拿到过的最好的贷款是7年固定，而且还有prepayment penalty, 贷款手续费也比住宅要高。对于single tenant的商业地产，银行贷款到期时间就是租约到期的时间。如果租客续约了，银行会做refinance; 但是如果租客约满不续了，银行会要求balloon payment。在经济不好的时候，很多single tenant的租客约满不续，导致很多房东无法还清银行贷款，房子被银行没收甚至破产。和住宅的贷款相比，商业贷款一般要求更高的首付，而且做cash out也比较难，不少银行为了控制风险，不做商业地产的cash out，除非拿出来的钱是用来做property improvement的。

和住宅相比，商业地产还受到法律法规变化的影响，利率波动的影响，租客信用等级波动的影响，科技变化的影响，租客所处的行业变化的影响，等等等等，每一点都可以单独写一篇贴子。因为时间有限，我就不细说了。

总之，和住宅相比，商业地产确实不适合所有的投资人，但也不是绝对不能碰。凡事根据自己的情况量力而行。做的好的确实可以做甩手掌柜，但是风险控制没做好的就惨了。

https://bbs.wenxuecity.com/inv-realestate/1369830.html

首先声明本人是商业地产的经纪人。商业地产的投资，我个人认为对于大部分的小业主来说，generally speaking, 是不合适的。小投资人入场商业地产，需要谨慎再谨慎！

目前市场上大部分$2M以下的商业地产，至少存在以下问题之一（或者更多）：1. 租户质量差（随时可能关门走人）2. 回报率低（麦当劳之类高质量租户，现在很多大都市的回报率在4%左右）。3. 区域人口少，或者收入低，空置风险大。

其实商业地产发投资与其他投资有一个相同的原则就是要diversify。比如你买股票不会只买单个个股一样，要分担风险，最好是不同类型的股票分别买一些。但是，如果投资人只有财力购买1个$2M以下的商业地产，承担的风险类似个股风险，风险是非常大的。如果租户到期不续约，或者租户破产走人，业主重新出租的需要的代理费，装修费都不少（如果幸运可以找到新租户），如果正好还要给地产做屋顶空调等装修，又是一比很大的费用。

对于小地方的商业地产，我给客户的建议是去考虑一下，如果它关门了，你这个空楼租给谁？有人说它经营得好好的为什么要关门？先不说大环境电商对传统商铺的冲击，其他的原因非常非常多，租户随时可能在附近或者邻村的另外一个它认为更好的地方开店，小地方建筑成本很低，开新店相比装修旧店不一定多花很多钱。事实上不少商业地产的卖点之一就是"This is a relocation store"。呵呵，你想过没有，原来的店怎么办？如果你手头有个十来个这种地产，关一个无所谓。可是如果你只有一个，你还每个月需要这个租金过日子，你怎么办？

https://bbs.wenxuecity.com/inv-realestate/1367759.html

优点：

1. 运营现金流回报通常比单户住宅高。

2. 资金吸纳量大，便于集中管理。

3. 某些抗经济波动的商业地产类型（例如刚需出租公寓、高信用等级的长期净租约商业地产）比单户住宅更稳定。在上一次经济危机时，大量住户无法获得住房贷款而无法购买住宅。因此，单户住宅的市场售价下降约20%-50%。而出租公寓的租金、出租率和售价的波动要小的多。从另一方面来理解：租房需求比购房需求要“刚性”的多，租房市场比购房市场要稳定。

4. 投资某些商业地产类型，例如净租约商业地产基本无需管理。这种类型地产的租户负责物业的维护、地产税、保险等所有费用。而投资普通单户住宅无法回避管理的问题。

5. 不受外国人在美购房政策变化的影响。一些美国人民认为，外国人在加州等热点市场大量购买居民住宅，使房价迅速上升。高房价让美国本地居民无力购房，享受房主的权利。另外，有一部分外国投资者长期闲置住房，或者不懂得维护保养，有碍公共观瞻，引起社区居民的不满。当矛盾激化到一定程度，当地居民有可能会敦促政府出台政策，限制外国投资人的购房权利。

缺点：

1. 比单户住宅复杂，对投资人的专业知识要求高。

2. 除了独栋净租约物业外，管理要求比单户住宅高。

3. 除了多户出租住宅、高信用等级净租约等少数物业类型以外，商业地产对经济波动更为敏感。特别是酒店、低等级的写字楼、非刚需的商铺等，经济危机往往极大地影响租户/顾客的需求。

https://bbs.wenxuecity.com/tzlc/1369793.html

自从到了投坛，发了不少理论总结的帖子。虽然自认是干货，但的确与“文学城”的“文学”两个字有些差距。所以写一个收购的真实故事，希望以此作为向大家靠拢的基点。

收购的对象是在威斯康辛州的小镇CASHTON新建的DOLLAR GENERAL 店。之所以在威斯康辛州，是因为这是我在美国的故乡。我相信我们旅居美国的华人，除了中国的家乡之外，在美国也同样一个称为家乡的地方，一个开始人生新的篇章的地方。



威斯康辛的自然环境非常优越。有许多湖泊和绿地。据说，所有的湖泊都是冰川融化形成的。经济方面，最有名的是它的奶制品。制作工艺应该是从德国、瑞士和北欧的后裔传过来的。但威斯康辛除了农业之外，还有不少高附加值的制造业和金融保险产业。例如大家熟悉的GE HEALTHCARE, ROCKWELL AUTOMATION, SC JOHNSON, HONEYWELL，NORTHWEST MUTUAL， MANPOWER， EPIC， 等等。所以，这个州和大湖区的其他州相比，经济形态相对更加多元化一些。



之所以选择DOLLAR GENERAL这个租户。是因为它的信用等级很高，是BBB。而且所有的店都是总公司的信用担保，不像许多其他的便利店和快餐店，差不多都是加盟店。加盟店的财务稳定性会差一些。

DOLLAR GENERAL是美国最大的廉价微型超市。卖的东西就像一个缩小版的WALMART。排名FORTUNE 500的123名。全美一共有15000多家。它从美国的东南部TENNESSEE起家。逐步发展到全美国。DOLLAR GENERAL通常在小镇或者大都市的远郊区选址。服务的对象是中低收入群体。因为价格低廉，DOLLAR GENERAL在上一次的经济危机中迅速壮大。他们的价格和偏远的地段，往往让AMAZON无法竞争。因此，DOLLAR GENERAL是一个抗经济危机，抗网购的好的NICHE。

这个DOLLAR GENERAL的投资是一个NNN的投资。DOLLAR GENERAL作为租户，负责所有的维修维护、保险、地产税、甚至翻新。作为投资者，只要负责收租金，不用做任何的管理，也不用担心维修维护成本的增加。租约长达15年，之后有4个5年的延展期。租户可以选择是否延期。由于租户的信用等级很高，基本面很强，15年内违约的风险几乎没有。唯一的风险是15年后是否会续约。

DOLLAR GENERAL这几年扩张得很厉害。尤其是在南部、东南部、和五大湖区的东部。扩张太厉害的地方，将来不续约的可能性就会高。同样在大湖区，MICHIGAN有511个店，而WISCONSIN只有169个。所以，在MICHIGAN新开的店，往往地段没有WISCONSIN的好。15年后关张的可能性也大一些。



我们也问了WISCONSIN专门做DOLLAR GENERAL的朋友E。E原先是做APARTMENTS的，后来嫌管理租户烦，把APARTMENTS全都卖了。买了好多个DOLLAR GENERAL。他买的有许多是租约快到期的。回报很高。据他说，所有的租约都延期了。整个WISCONSIN，他也只听说只有几个没有延期。E是WISCONSIN本地人，DOLLAR GENERAL的实战经验非常多。我们在外州，还是投一些长租约，回报低一些的踏实。

我们也查了DOLLAR GENERAL的年报。SAME STORE SALES的数据很好。每年的销售额都有2-4%的增长。每尺销售额231美金，每尺租金10美金，租金支出的占比合理。





因为要找到租约最长的DOLLAR GENERAL， 我们就找到了不少新建在建的项目。DOLLAR GENERAL的开发商，往往和DOLLAR GENERAL有很好的关系。一下次建几十个。我们找到了这位开发商，把他的项目按照地点、价格、人口数量、人口增长、人均收入等参数统统在EXCEL上列了表格作比较。把每个小镇的经济形态和人口趋势做了分析。

CASHTON是我们的选择之一。整个小镇没有别的DOLLAR 店。小镇的领头行业是奶制品加工。美国著名的牛奶品牌ORGANIC VALLEY的总部就在附近。几年前，总部大楼发生火灾。后来ORGANIC VALLEY在CASHTON新建了办公楼和DISTRIBUTION CENTER。因为这个原因，CASHTON的经济得到了很大的提升。



整个CASHTON除了DOLLAR GENERAL之外，只有一个加油站便利超市。只有3000尺左右，在小镇的老街。而小镇新一些的设施和居民区，都在老街外的区域。所以，我们觉得这个小镇的人口可以支持这两个店。DOLLAR GENERAL的价格和原来的商店相比，也更有竞争力。



真正让我们决定下来的还是这个DOLLAR GENERAL的地段。这个地段处在贯穿小镇的东西向动脉的大路上。老街在镇子的东侧，而新建的ORGANIC VALLEY的办公和DISTRIBUTION设施，在小镇的西南角。小镇的发展也会往ORGANIC VALLEY的方向发展。



紧挨着DOLLAR GENERAL的西侧，是小镇的医疗中心。东侧是小镇的小学、教会和高中。南侧，是运动中心。北面是居民区。我们相信，学校、医院、教会都是很难搬走的。他们会几十年一直存在下去。他们的存在，是对我们这个地段非常好的一个背书。也是将来DOLLAR GENERAL续约的 一个很好的SIGN. 万一不续约，我们相信这个地方也可以改造租给别的商家。

小镇的名字， CASHTON也让我们感到很吉利。CASH是现金，TON是TOWN的意思。加上出奶牛。完全符合我们追求CASH FLOW的投资目标。100多万的投资，每年7%， 15年的安全回报。这样15年还本之后，额外的收入就都是净挣的。不是大奶牛，算是安全稳定产出的小奶牛吧。

最近城头的地产投资者们在谈论商业地产投资利弊，可能是有人忽悠投资商业地产。
以上贴了我觉得很有意思的几篇文章。

https://www.businessinsider.com/ ... azon-threat-2017-10

Here are 11 industries that they say are the least likely to be threatened by Amazon anytime soon.

1/ Gyms

2/ Super-value retailers
such as Costco, Walmart, Ross Stores, and T.J. Maxx have "Un-Amazon-Able qualities."

3/ Super-premium luxury
Tiffany, Sotheby's, and LVMH, also known as Louis Vuitton SE

4/ Dollar stores

5/ Auto parts

6/ Home furnishings

7/ Beauty
such as Sephora have the advantage of brick-and-mortar locations where customers can try different products before choosing their favorite.

8/ Grocery stores

9/ Consumer staples

10/ Media/Cable/Telecommunications

11/ Home improvement

#6/ Home furnishings
家具商品的中档低档类也受网购冲击，wayfair等直接让一些中低档家具店关张。

by Robert Locke, RMP, MPM

Every business brings with it a list of risks that the owner needs to manage. Some can be addressed through careful business practices while others need the help of an outside insurance company. Owning a rental property is probably one of the higher liability businesses you can get into, so pay close attention to the risks that come with it. Being a landlord exposes you to lots of risks and careful planning. The right insurance is required to prevent these risks from taking you out.

The first, and cheapest line of defense in protecting yourself from the liabilities of the landlord business is never title your property in your own name. This may surprise some landlords but with county deed records online, any tenant, lawyer, neighbor or in-law can find out who owns a property and who’s name to list as the defendant in a legal action. The public nature of real estate makes it easy to make a claim, file a legal action, and make you prove you don’t owe them something. Suing people has become an American pastime and fortunes have been lost by many because they have left their name on their deed records and made themselves an easy target.

Through the use of LLC’s, Land Trusts, spouse’s maiden name (and other title holding strategies) you can make the question of who owns the property a real challenge, even for the trained hunter. Making it hard to know who to sue is half the battle of protecting yourself against flaky litigation.

The second major strategy you should always use to protect your assets from the risks of owning rentals is to manage them through someone else. By setting up your own management business (preferably an LLC that you own) or hiring a professional property manager, you establish another layer of protection between you and your litigious tenant. You never want to manage a rental property as the owner. Always manage as the property manager for the management company. This creates distance and protections between you and the one who wants what you have (tenants and their lawyers).

After you have structured your title and management strategies properly you should then look to insurances for more protection. There are several levels of insurance to consider.

The next article will cover the most important type “the Landlord casualty insurance policy.”

In the first article on this topic of "protecting the landlord" we established that the first protection for the owner of a rental property was to get the property out of your name into a trust or LLC. Keeping title in your name paints too big a target on your back and a little effort cam shrink that target substantially.

The second step was to never manage in your own name. Always have a property manager (a business) between you and the tenant, even if it's an LLC you set up to do the managing. This is a critical step in the process of protecting any landlord and should never be ignored.

Note: Over our 30 year history of professionally managing rentals we have managed for over 3,000 owners and have never had one them named in a legal action by a tenant. I have personally owned and managed over 150 houses and have never been named in a legal action. Stop managing rentals in your personal name

After these important steps have been taken look to "knowing the law and practicing good property management" to protect yourself from the big risks of landlording. This may raise some eyebrows but trust me when I say the biggest protection for rental property owners is not insurance because insurance does not protect you from most of the risks of being a landlord, but rather following the laws and intelligent management. Most of the risks (expensive fist fights) come from reckless inexperienced managers that don't know what they are doing. It is never the house fire, burst water heater, missing roofs and burst water pipes that creates the risks in landlording. It's the lost rent of an extended vacancy; the lost rent during a strung out eviction; the inability to collect rent while the tenant plays you in court and the costs of skips or abandonment. The big risks of landlording rests in building your management practices out of the law and having good tenant selection practices, aggressive rent collection policies, consistent maintenance responses, strong leases and the commitment to enforcing them consistently. The days of managing a rental by the seat of your pants, making decisions based on the hairs on the back of your neck, intuition, and rules of thumb are long gone.

The courts are filled with brawls between landlords and their tenants and are, for the most part, the result of owners not knowing what they were doing. It astounds me how many small landlords (and licensed managers) I meet who have never read the laws that govern their business.

Here are just a few to make a study of:

Federal and State Discrimination laws
Refuse to rent to someone for the wrong reason and you could go to jail and not collect $200. These laws apply to every landlord not just licensed agents.

Federal fair credit reporting act
Failing to handle their credit information correctly can get you into real trouble with the FTC. Sending the adverse action letter when you turn someone down is mandatory for anyone using credit to make business judgements, including private and licensed landlords.

Federal red flag rules
These laws regulate how you are to protect the privacy issues of your tenants' credit, employment and other information. Better read it closely before you send your HOA their personal information.

Americans with disabilities act
These laws mandate that you adapt the property when needed to accommodate handicapped people and let them have comfort animals even though you do not allow pets.

State landlord tenant laws
Every state has special laws that require landlords to handle certain management issues by the book and generally carry severe penalties when you don't. They address such things as move in/out inspections, holding of security deposits, maintaining habitability, appliance repairs, evictions and so on. These are the laws your state legislature laid out to limit abuses by rogue landlords who try to take advantage of naive tenants.

Many naive landlords think these laws only govern licensed professional landlords. Not so. They govern anyone managing a rental property no matter the rent, location, size or type.

I think the problem of ignoring the law is exaggerated by the mistake rental property owners make thinking that it's just a rental house and not really a business. You would be wrong. The day you convert home sweet home to a rental you change it into a commercial enterprise and as such you become subject a number of laws that judges will use to access your behavior with the tenant and property. Not embracing this reality can cause you a lot of pain and money.

If you're collecting rent, these laws apply to you. To make this worse, judges think the landlord (not the tenant) should know these laws and follow them. Usually it's not the tenant that is doing the abusing but the landlord. Judges are out to protect tenants against cruel or abusive landlords. Their assumption is that wealthy real estate barrons (your title when you're in court) not the tenant, should know what the laws are and structure and manage the property by them. Landlords are expected to know the laws. Tenants are not a protected class, but in court they are the favored class if landlords are abusing them in the eyes of the judge. Manage by the book and put the law on your side.

Protecting your self as a rental property owner is a layering process. Like asset protection it's a lot of little steps you take to build that all important fortress of protection between you and the litigation that comes with owing this type of asset. In the next article we address how insurance can be used to help build this fortress

In the first two articles we suggested that the big picture in protecting yourself as a landlord is a layering process you accomplish over time, not something you do today.  It starts with “getting title out of your name” to create anonymity and become harder to identify as the owner. Next we said to “manage through an entity (preferably an LLC) instead of managing in your name.” This adds another layer to protecting your personal assets from the liabilities of owning a rental. Lastly we suggested “manage your properties by-the-book” as it relates to the laws that govern the landlord/tenant business so you’re on good ground when things go badly. Follow these simple rules and you’re over half way to having the best model to protect yourself as a landlord.

By following these guidelines we have managed 7,000 tenants over 30 years and have only had five law suits, none of which cost over $5,000 to settle and none got in front of a judge. This last article addresses the insurance you should set up to protect yourself, and your personal assets, from the liabilities of being a rental property owner.  

The first, and cheapest, insurance defense is a good Landlord Policy. Landlord policies (like home owner policies) cover property damage as well as liability risks. Many insurance companies have gotten out of the landlord business because of their heavy losses and you may not be able to get one from your current carrier. Many companies require you have your auto and home with them before they will issue a landlord policy. Securing a good landlord policy is getting harder every year as companies are more timid than ever regarding properties held in LLC’s, Land Trusts, Corporations and other slippery title holding strategies. Some have limits on how many they will insure while others require you have a professional manager in place before they insure the property.
  
Here are some things to consider when you buy a landlord policy:






Make sure your policy has an All Risks Provision.

Basic landlord policies only cover natural disasters (fire, windstorms, tornadoes, and floods). This may not be sufficient coverage. A policy with an All Risks Provision expands basic coverage to include such things as theft, vandalism, and malicious mischief. If you have this coverage it will pay for the damages caused by an angry teenager spray-painting the kitchen black to get back at his parents (malicious mischief), or the cost of a tenant taking your refrigerator when they move out (theft) or when it’s broken into while vacant (vandalism) . It’s often part of the policy, or can be added through a cheap rider, but it’s a must. Make sure your policy has an All Risks Coverage.
Many landlord policies reduce (or cancel) coverage if the property is vacant more than 30 days.
Make sure you know what the premium changes to (or what the coverage reduces to) during a vacancy. They won’t call you and ask if it’s vacant, they’ll just deny coverage when it burns down during a vacancy.  You can buy “vacant property insurance” but it’s pricey. You can pay by the month or by the quarter and get a refund when it becomes occupied. Read the fine print carefully because insurance sales agents don’t always know what the vacancy terms are.
Make sure your policy has a Loss of Rents Provision.
A Loss of Rents Provision means if the house burns down, the insurance company will continue paying you rent until the house is back in rent-ready condition. Without this provision you will be carrying your own mortgage during the restoration period.
Increase your liability coverage limits.
Basic liability coverage on a landlord policy is typically $300,000. In today’s litigious world you need a lot more than that. Most companies offer $500,000 or $1,000,000 for pennies in additional premium. Typically it costs $20 to $30 per year to raise your coverage to $500,000. This is too cheap to pass up.
Make sure your property manager is covered.
Most management agreements require the manager’s name be added as an “additional insured” for the purpose of liability. If a house burns down and a lawsuit develops over wrongful death, your insurance carrier will cover you and your property manager. In most cases it costs nothing to add them to the policy. You can add your manager through an endorsement if the language in the policy does not automatically cover them. Bottom line is: make sure your property manager is covered. It’s a standard practice in the industry and generally costs you nothing.
Shop around for good coverage.
Like any other insurance there is good coverage, and not so good coverage. Our experience shows that companies change their policies on a regular basis and what was good three years ago isn’t necessarily good today. It’s a moving target so keep on eye on it.
Consider a Personal Umbrella Liability policy.
You should always carry a Personal Umbrella Liability policy whether you own rentals or not. Consider at least $1,000,000 policy because the premiums are cheap. It covers your home, your car, your boat, your RV, your big wheel and your iPod. It is inexpensive (under $300 a year) and the day may come when you wish you had it. Personal Umbrella Liability policies are generally good until you reach three or four rentals, then they cut out and your coverage is zero.
Consider a Commercial Umbrella Liability policy.
Here is the problem. After you buy your fourth or fifth rental property your personal umbrella policy becomes void as to your rentals. The company just stops covering you the day you buy your next property (every company has their own formula). They won’t call you and ask “how many do you have?” they just deny coverage when there’s a claim. The Personal Umbrella Policy has low limits of coverage for rental houses so read the fine print and keep a good count on how many you have.
A Commercial Umbrella Policy is not expensive and covers everything you own without limits. When you buy such a policy you get to list everything you want covered so there is no mistake as to claims. It’s called a “schedule of coverage” and it’s your way of identifying all you have and make sure it’s all covered under the policy including your 20 rentals. At every renewal date you get to review the schedule and make sure you add whatever you bought (or sold) in the past year.

Bulk Coverages
For the ambitious investor with 20 or 100 rentals there are companies that will insure them all under one policy and give you the opportunity to add and drop properties as you go. Generally they are economical but don’t offer extended coverages (All Risk Provisions) or high liability coverages, so keep that Commercial Umbrella Policy in place.
Protecting yourself (and your personal assets) from the risks of being a landlord is not difficult but it does take some forethought and purposeful planning. Don’t just get some insurance and think you’re on safe ground. The more properties you own, and the longer you’re a landlord, the greater the chances that you’ll become involved in some kind of litigation with a tenant and you’ll be glad you had a plan. You’re only one law suit away from loosing it all because the landlord/tenant business is unforgiving and can snatch everything you own if you’re not careful to protect yourself.