All Forum Posts by: Neal Li

Great tip about replacing the windows! Didn't even think about that. Thank you!

Thanks so much for the response. Yeah I've encountered the same situation where the seller has no idea. But I'm glad to know other people are purchasing these properties. Appreciate the response

Hey guys,

I've been looking at purchasing some SFRs in Indiana and the majority of the homes I'm looking at are built in the 1950s or 1960s. After doing some research it seems that many of these homes might have lead paint or asbestos in them. Is this something you guys are highly concerned about when evaluating a rental property purchase? The houses I'm looking at are 3 bed 1 bathroom typically. 

Would love to hear your thoughts on whether I should continue looking into these types of properties or are they just a bad idea?

Thank you in advance!

Guys that's really great info I really appreciate it. I think  I need to contact some other agents. You guys seem to have the right ideas. Really appreciate the assistance.

Mark thanks for the response. I think your insurance guy is better informed. I've got mine opposite of yours; the primary insured is me and my LLC is the "additional insured." Do you know if your policy is a regular residential homeowners policy or a commercial policy?

Hi BP community,

I've been a lurker for a few months but finally decided to join the BP community.  

My question is regarding purchasing homeowner's insurance for properties held in a single member LLC? I've read that you need to get commercial property insurance even if the the property your LLC hold's are SFR's. The reason I ask is because the commercial property insurance is significantly more expensive. Spoke to my insurance agent and he said you can just get residential property insurance and put the LLC as "added insured". For some reason that sounded suspect to me so I was wondering how way more experienced people deal with the insurance situation?

For reference, I've only got 3 SFR's (hoping to close on my 4th in March) and was persuaded to put them all into a single member LLC. Do you guys think that it would be better to purchase future properties in my own name and just get umbrella insurance ($5 million liability) to cover myself? I'm still very new so I don't anticipate venturing beyond SFR's in the foreseeable future. It's much easier to get traditional financing as an individual...

Thanks for all your help!