All Forum Posts by: Errol Graham

Hi Kirk, 
In 2021, I moved to the Kissimmee area, more specifically Bellalago, a gated resort-style community on the shore of Lake Toho. The community has its own internal lake, which connects to Lake Toho, via a boat lift owned by the community club. Lake Toho is known for bass fishing. There are two large community pools, which are heated during the cooler months, tennis and pickle ball courts.

The minimum STR period has been reduced from a year to six months. HOA is currently $172/month, with and additional $44 for club fees, covering club amenities, including a gym, boat lift, a restaurant etc.

The community is also about 30 minutes from Disney attractions.

You can DM if you need more information or chat about this and adjoining communities in the Kissimmee area, covering several zip codes.

The ceiling in the garage of one of my SFH collapsed about two months ago. I suspected it was from a leaking roof, which was subsequently replaced before I brought the property but the wetting and drying over the years created cracks in the drywall and the vibration from the opening and closing of the garage door helped to separate the drywall from the drywall nails.

The 20 by 25 (500 sq ft) ceiling cost me $2,000 to replace and I didn’t bother to claim on the insurance. From previous experience, relatively small claims on insurance, is painful in terms of insurance renewal and hiking of premiums. 

I recently had the same issue with some properties which I deeded into a single LLC in Florida.

I wanted the insurance in the name of the LLC only and some insurance companies would not do it. What I ended up doing is to get liability insurance in the name of the LLC and separate peril insurance also in the name of the LLC. This strategy also allowed me to get more liability coverage that would be bundled in a landlord policy covering both peril and personal liability. For example Citizens Insurance Company would only provide $100k of personal liability in their typical coverage. It's good if you can find an independent broker who can provide sound advice.

I am in Central Florida and the insurance market is a mess and it’s not only about high premiums. Some insurers are just not writing policies in some zip codes. 

To reduce my overall risks, I am trying to separate my personal liability risks from perils. I have also found that if you own the property through a LLC that insurance companies don't want to include personal liability in the policies and the insurer of last resort typically will not include more than $100k in a landlord insurance policy.

The cost of insurance is going directly to the cash flow bottom line. 

Hi Friends,

I am a real estate investor who recently relocated to Florida. I just set up a LLC for the five properties that we own and will be filing taxes for the LLC for the first time. Looking for advice on pitfalls to avoid as well as recommendations for CPAs that have the relevant expertise and experience and can guide on tax strategies etc? Thanks in advance for your advice.