All Forum Posts by: Aaron Smith

I have 33 properties for 40 units total. My reserves (which is just my bank account) always vary from buying and refinancing, but right now I have around $150,000. I feel confident with my reserves no matter what as long as I have at least $100,000 sitting.

Depends on what they are selling. Is it herb? Who cares. Honestly I don’t care if someone is slinging on my properties as long as they take care of the place and pay rent on time. I’ve had several dealers as tenants over the years. They were just fine tenants.

And I have had one rental where there was a drive by and someone got shot in the back and paralyzed from the waist down in my house. That was a load of fun. Not drug dealers there though. Was a girl that was cheating on her gangster boyfriend so they retaliated with Shooting the house up. Funny thing is this house is in a smoking hot neighborhood now.

I am in NC but personally would never pay more than $300 per window installed. That includes window screen and disposal of old windows. Window World as mentioned previously I have definitely used before. They are good. So a set of 10 windows should be less than $3,000 installed. Or you can call Pella or Anderson and they will quote you $10,000 or more for 10 windows. It’s insanity but obviously people must pay it or they wouldn’t be able to charge that much.

Just get an umbrella policy over top of the initial liability you have and just leave the LLC out of the equation.

I don't agree with what was posted in this thread about needing an LLC for each property. I have 32 properties, all owned in my personal name.

I have examined this issue to no end over the past 3-4 years and honestly having an LLC does nothing to keep you from getting named personally in a lawsuit, so why do through all the effort and hassle for what essentially is futile?

Too complicated. Just keep all in your name, have a $1,000,000 liability on each one in your regular insurance policy, then add a couple million in umbrella coverage over them all. Done.

You personally are gonna be named in a suit if one ever goes down. I don’t care how many LLCs you have.

Your tile guy should have used a Schluter Strip there. That is a no brainer for that kind of edge. What a hack!

@Aaron Smith

Bueller?

Hi, I am getting ready to be up for renewal of my general umbrella policy that I have in place across all of my rental properties.  My local insurance broker I have used for this umbrella does not have options to alot of commerical lines/carriers for this so I thought I would reach out here.  I am currently with Berkley Insurance for the umbrella and I feel the annual premium is WAY higher than people talk about having to pay for umbrellas on here.  I have reached out here in the past but had no luck because none of the insurance agents could help my specific case.

Here are my specifics:

1) I am looking to have somewhere between a 2 -5 Million umbrella policy, which will be on top of all my primary policies that all have $1,000,000 of general liability on them each.

2) I have a total of 39 doors and 32 properties.

3) 31 of the 32 properties are owned in my name and have a residential policy from Erie Insurance on them (I will not be switching out/modifying my residential policies to a business or commercial policy, so that is a non-starter). The 1 property of 32 owned in my LLC is a beach property with a private pool that is only insured by the NC JUA since no private carriers will insure oceanfront in my area. One other property is a mountain house that will be used as a short term/AirBnB rental as well as a second home.

Feel free to direct message me or ask here for more info.  All properties are in NC.  Thanks.

Honestly, and I’m not trying to be rude here, if $10,000 was just too much to come up for a down payment you are not ready to start purchasing rental properties (in my opinion only of course).