All Forum Posts by: Mayank S.

@Joe Crooks I see majority of your markets mentioned are based in Ohio. is there a reason you are looking to invest there or open in other markets too? I am saying because there are many outside Ohio which are good cash flow markets with plenty of TK providers. 

Just make sure wherever you finally go whomsoever you decide to work with , vet them heavily as its more about people than the market who can make or break your investment. Due diligence at every stage before parting with your hard earned dollars...my 0.02 cents...good luck!!!

Umbrella policy is a good way to have added protection on top of liability coverage on your rental insurance policy. I am big proponent of this like others replied as moving over to LLC is not feasible for many reasons especially if property is financed. @Ali Boone has a good article with pros and cons. Only caveat I see is policy covers only upto 4 rental properties. Beyond that I believe commercial policy is required. That's where I am stuck, I have 4 properties covered through Geico umbrella but for 5 and beyond I am advised to look for commercial policy packaging all into one. 

@Maria D'Aura while doing my returns through my CPA, I wanted to learn how depreciation and property basis is evaluated and came across this article. You may find it insightful. 

https://www.therealestatecpa.com/2016/05/22/ultima...

I think it is better to take one time CPA help to rectify mistakes or capture depreciation if not done and learn to do it next time yourself if comfortable. Just search there are plenty of CPA recommendation on this site all across the country, however if prefer CPA local in your area then you may ask local investors here on BP. I believe @Amanda Hanis based in California and has written a fantastic book on tax strategies. you may consult with her 

https://get.biggerpockets.com/taxbook/    

@Thomas M. You can have all properties bundled into one commercial policy. That's how I am doing. @Derek Lacy is my insurance broker. You can probably check with him.

buy two more cash flowing properties. 

Network and attend local REIA..

@David Bell you may have to stick with portfolio lender for getting property financed to your LLC. Most of the conventional financing lender don't lend money to LLC. Atleast I haven't found anyone who does.

you can try local community banks and credit union too.

Add Birmingham, Chicago, NW Indiana and Philly in the mix too.

Indianapolis, Birmingham,Kansas city, NW region Indiana adjoining Chicago, Phily 

Check with @Derek Lacy for insurance quotes. He has insured all of my investment properties in Indy.

Thanks all for your inputs. I have forwarded the thread inputs to my PM. Hopefully not a big issue but your responses have been helpful !!!