All Forum Posts by: Charles Chiu

I just learned about umbrella insurance policy today and read over a few posts on it.
Can an umbrella insurance policy covers properties in different states?

Thanks

@Tobias Stoll Even without having the property under the LLC?

@Account Closed do you have a mortgage on the property under your name? If so, how do you transfer that property under an LLC? I learned from my research that most of banks will see it as a sales transaction and would ask to pay off the mortgage. That's what I try to avoid.

Hi, 

I am a first time landlord. I purchased a TN property not long ago (and I am a TX resident).

I didn't think of buying the property using an LLC. So I got the mortgage under my own name.

Now I spent sometime reading some articles and think I really should separate rental property income transaction from my personal transaction.

My questions are:

1. is it ok If I form up a LLC just to receive rental payment using the LLC bank account and pay property management company?

2. Do I must add the property to the LLC? There is a personal mortgage attached to the property and I don't think I can move it without paying it all off.

3. I am guessing I would need to form an LLC in TN for that property?

Any input is greatly appreciated.

Thanks