All Forum Posts by: Jack Middleton

I spoke to my insurance agent and she suggested an umbrella policy that covers both of my rentals. Also bumped to a million in coverage. Wasn't as much as I had thought. I would just speak to an agent about what you are wanting and get some real numbers. Might want to contact two or three for comparison.

Yep But I'm having a problem pulling from another property. I can only get 80% and my equity is not much more than that. So I have been struggling with getting the down for my third.

@Steve Vaughan

Thanks.  We are wanting to find a buy and hold that we can use part of the year.  Indiana gets pretty cold.  We have a fondness for warm climates and beaches.

@Dionne Brunson

We really don't have anything specific in mind. We were just wanting to get an idea of what is there and maybe make an offer. ;-)       (I left a voice message for you too)

I see. Any areas that you would recommend? I would like to look in May, but I don't know the area. Thanks for the information

Anyone have information on properties in riverside historic district? We will be in Jacksonville on 5/15/17 and would like to look at something there. Jack and Cheryl

WoW...

I just noticed this post.  I am in Seymour and I have been trying to meet up with some people here in S. Indiana that can help me with an issue that I have.

Looking for advice on D. payment.

[email protected] or a PM

I need to join up with the group.  Thanks.

btw

I took out an umbrella policy after the transfer also??

My Insurance co. was consulted and the insurance did not change.  True that quitclaim risks the title insurance, but can be corrected if I ever sell through a title search.

Thanks for the information.  Lot of differing opinions on this subject so I will have to trust my CPA and attorneys.

Thanks. 

Interesting that before closing on this home, I asked our lender if they would loan to an LLC because we were considering starting one, and were told that they would loan to LLCs.

Thanks again

Hi @Jessica Zolotorofe

Thanks for the information. Yes, the property was transfered to the LLC after I had purchased it. The mortgage contains my name and the mortgage is still being paid as it was. I added the LLC name to the insurance policy without any problem whatsoever, and the policy is still in effect. I am not an attorney, but I researched this before I jumped in---- I normally don't do something willy-nilly without understanding the consequences. I was told that it is possible that the loan can be called, but the attorney (I also have heard Mr. Kiyosaki's lawyer say the same thing - I signed up for RichDad coaching) mentioned that in his 20 or 30 years (can't remember which he told me) he has never had any lender exercise the due on sale clause in this instance.

I have been told, and have read in several texts, that it is pretty common for this type of transfer for protection of assets.  I suppose that if this is ever called, I will ask my attorney to get involved, but so far, so good.

I hope you have had a good holiday and wish you a prosperous new year.

Thanks for your information.