All Forum Posts by: Ben Steever

I'm looking into getting more coverage/ protection for my LLC. I would love some feedback from others on what exactly I need. My business partner and I have one LLC we are placing our SFR's in. We of course have dwelling-fire policies on them that give us 300k in liability coverage. We would like something else, probably 1 million to start, that would help protect us from other potential lawsuits (unlawful evictions, injury, death, etc)

I'm unsure which type of policy would be best to blanket cover our on LLC and would allow us to increase our coverage as the portfolio of properties increase. Would I need to look into a general liability policy or commercial umbrella? Or are these 2 things the same thing?

Thanks in advance!

I'm looking into getting more coverage/ protection for my LLC. I would love some feedback from others on what exactly I need. My business partner and I have one LLC we are placing our SFR's in. We of course have dwelling-fire policies on them that give us 300k in liability coverage. We would like something else, probably 1 million to start, that would help protect us from other potential lawsuits (unlawful evictions, injury, death, etc)

I'm unsure which type of policy would be best to blanket cover our on LLC and would allow us to increase our coverage as the portfolio of properties increase. Would I need to look into a general liability policy or commercial umbrella? Or are these 2 things the same thing?

Thanks in advance!

Hey everyone, would love to know how this should work. My business partner and I are going to purchase a property jointly and will do a quitclaim deed transfer to the LLC (which is just me and him for whatever it's worth). I'm interested in this post discussing the clause of calling the loan etc.

My simple question is, how will this logistically work with the homeowner insurance policy once I transfer the deed?

My thought is option one place myself, partner, and LLC on policy and day of closing remove myself and my partner from the policy and keep the LLC on it.

Option 2 is on day of closing / day we do the quitclaim. Cancel the original policy with my name and partners name and create another policy with just the LLC to send into the mortgage company.

I know in order to close I have to show proof of insurance and get that info to the mortgage company, so basically wondering how to handle that once we transfer the deed to the LLC. Thanks in advance for the advice!

Erik Born is the best. Born inspections!

Had some extreme storms with a lot of rain come through this past weekend and had my tenant call me to let me know there was water in the basement. Does anyone have any personal history using a waterproofing company around the Birmingham area that you would recommend? Thanks!

@Clint Shelley

Thank you so much! I really appreciate the response and the referrals!

I'm looking for recommendations on a handyman, HVAC, and plumber! I'd really appreciate any recommendations on people that you have used personally.

-Ben

@John K. do you have to have g suite account to get google voice? Thanks for the info. Ill be looking into this!

Also noticed it was priced at 10 or 20 dollars per month. Would love to have it free.

Looking for advice and any experience anyone has with a  getting a "business line." My business partner and I are wanting to be able to have a business line we can call out from and text from, while also both receiving calls from tenants calling the business line. Our wives help with responding to texts from time to time, so ideally we would like 4 users?

Would love any experience anyone has had with this or a good affordable solution. Thanks in advance.

Hey guys really needing some sound advice on financing my third property. Long post ahead.

My first property was a simple conventional loan that I lived in for 2 years, remodeled, moved out and filled with a tenant.

Second property was a cash deal, no finance needed with 2 other partners.

This brings me to the current prospective deal. Long story I have created a new entity with my business partner with plans to buy single family homes and then scale up to multi family properties. I’ve read in multiple forums and other books that it is extremely hard if not impossible to finance a fixed rate, 30 year conventional loan. This would obviously be my preference. The more brokers and small banks I talk to the more they confirm this.

If this is the case, how do entities/people do the BRRR method on properties and refinance their homes into an LLC? Is the answer to have private money lend the money to buy and rehab the home? Then the bank refinances it conventionally because the entity already owns it?

I have heard the argument of buying it personally then deed it over to the LLC. This makes me uneasy due to possibly having the mortgage company calling the loan.

For what it’s worth this potential deal would be a home with purchase price of 72k and my business partner were hoping to leverage this deal out. Prefer to put 20% down but can do 30%.

Any advice, education, thoughts would be greatly appreciated!