6-22-2015

Today was busy.

I began the day focused on the Flip.  Closing is tomorrow, so I got the utilities set to switch over.  I also paid for the insurance on the property.  The title company sent over the paperwork, and they want the money wired to them, and they will charge a fee of $25 to wire the money.  I am a bit irritated about this, as this is a unnecessary hassle.  Also they got my company name wrong, so they will have to redo all the paperwork.

I also spent some time on my MHP List.  I called parks for about two hours with little success.  I am a bit frustrated at my plan of attack here, but I will stay at it.  I am considering hiring a Virtual Assistant for this task.  My mentor/possible partner emailed me back today with some helpful advice about what questions to ask the owners. 

Later I had an appointment with my attorney to discuss asset protection.  I am happy to say, I am well protected.  I know there are many opinions on this topic, but I will share my strategy.  I have all Flips under one LLC.  The buy and holds I acquire on my own will all go under another LLC with a proper umbrella insurance policy.  Any multi-family will be under it's own entity, and All properties with different partners will be under their own entity.  We also looked at another aspect of my asset protection, that I had never thought of, and that was if I get sued personally, would my companies be safe?  I read a post on the forums the other day about a guy who hit a child on a bike while driving.  His car insurance only covered 15k of the 200k lawsuit.  I looked into it, and the state minimums are pretty low.  Michigan is only 20k.  That is scary if you think about it.  We looked into our current policy, and feel the coverage is sufficient.  Please look at your current policy, and make sure you have enough coverage.  It may not matter if you own nothing, but when you start to amass your wealth, you don't want to loose it all because you wanted to save $20 on your insurance.

Disclaimer:  I am not an attorney, please spend the money and discuss your personal situation with your attorney.

Thank you for reading.