All Forum Posts by: Kim Ay

Hi to all, we own different condos under one LLC and are interested in getting insurance. i was reading about landlord insurance and general liability insurance. which can i get for LLC? also how should i go about assessing the coverage?

thank you

Hi Dalyn, thanks for the input....i have 10 condos in separate buildings...all under one LLC. the few things i heard are SLLC(not available in NJ) business trust.....but not sure how to go about it.

Please let us know how we can separate them for liability purposes. The LLC was formed in NJ.

thank you very much for the suggestion...i also found out about it but unfortunately the SLLC is not available in NJ. 

hi to all and thank you for taking the time to opine.

I own 10 properties that might become more in the future. i own them out right with no debt under one LLC. is it the smart way to go? should i create 10 LLCs? i would like to protect each from each other and my personal assets against any issue that might arise. should i create a trust? please advise

they moved out at the end of the lease. i need to know what i can deduct from the security. so far i know that i can deduct the cleaning and the repairs of wall and other stuff they destroyed. i have a clause $150 of any repair and the appliance had to be repaired 1 month before they left. the repair was 330 and i asked them to pay just 150. they refused to. can i deduct it?

thank you...the appliances had to be repaired a month before they moved out their lease was a 2 year lease.

got it....now if we have a clause for $150 of any repair can we deduct that for the appliance repair?

also, can we charge them for appliance repair. from my understanding appliances are not consider essentials in NJ, there for the landlord provides them as amenities. the tenant is responsible for maintenance and repair. please advise.  

thank yo for responding...yes the place is not rented yet. all prospects got disgusted with the place since it was dirty and smelled bad. i do have the following provision in the lease. "IF FOR ANY REASON TENANT(S) IS BREAKING THE LEASE AND/OR MOVES OUT BEFORE THE END OF THE LEASE THERE WILL BE A $1000 REMARKETING FEE TO TENANT TO COVER LANDLORD'S ADMINISTRATIVE COSTS IN ORDER TO RERENT PREMISES.

can i deduct that because they did break the lease but not keeping the place clean and neat. please advsie